An all-business-class airline seemed like a beautiful idea. But an ugly spike in jet-fuel costs has shut down another contender.

Silverjet, the London-based airline that flew to New York and Dubai, is ceasing operations after it failed to obtain $5 million in emergency funds. Its last transatlantic flight, from Newark International Airport, is scheduled to land at London Luton Airport at 3 p.m. local time.

Silverjet follows Maxjet Airways and Eos Airlines into the business-class-only graveyard. L'Avion continues to fly all business class between New York and Paris, and big European airlines like Lufthansa, Swiss, KLM, and Air France also offer the service on some routes.

As Joe Brancatelli wrote last summer, the appeal of such service is obvious:

"All-business-class flights that seat just 44 to 100 passengers may not sound as sexy as an 850-seat behemoth. But if you've been to an airport this summer and have endured the crowds, the lines, the delays, and the robotic in-flight service, you know that small can be truly beautiful."

Yet Silverjet never became profitable in its 16 months of existence. The Times of London estimates that the airline has recently been losing some £2 million a month ($4 million). In the last six months, as oil prices surged more than 40 percent, its costs became unbearable. Jet fuel can account for as much of 40 percent of an airline's expenses.

"This shows the pain that the airline industry is suffering," John Strickland, director of London's aviation specialist JLS Consulting Ltd., told Bloomberg News. "Silverjet was the last of a particular breed, but I think we'll see other failures across different parts of the market in the next 12 months."

Signs of trouble at Silverjet emerged last week when the company warned that an agreement on financing was falling apart. An affiliate of the Viceroy Fund, an international investor in luxury brands based in the United Arab Emirates, had apparently agreed to make an investment. Shares of Silverjet were suspended on the London Stock Exchange.

Lawrence Hunt, the chief executive of Silverjet, said today: "We are working actively with new investors who are prepared to inject new funds so we can recommence operations. If we are able to achieve this, we will make an announcement as soon as possible, and we hope to be able to bring you our very 'sivilised' flying experience again.

Gary Stoller of USA Today reports that there is still great interest in business-class-only service, but that many aviation experts say that it makes sense only for established, better-capitalized airlines to offer it on some routes. Other business-class-only airlines, like Air One, MGM Grand, and Legend, have been short-lived.

"Nobody learns from previous mistakes," Barbara Beyer, president of Avmark, an airline consultant in Vienna, Virginia, told the paper.