THE dream of flying from London to New York City in 60 minutes in a plane that can hit 4,000mph has been dashed after a British hypersonic aviation firm crashed into administration. Reaction Engine was previously in talks with Whitehall and other shareholders to secure a £20m lifeline amid mounting losses and slow revenue growth. 4 Reaction Engines has entered administration, with PwC named as administrators Credit: reactionengines 4 The company was creating a new hybrid jet-rocket fast enough to fly passengers from London to New York City in 60 minutes Credit: ReactionEngines However, a conversation with potential backers failed to result in any rescue deals after Rolls-Royce Holdings and BAE Systems, two strategic shareholders, were unwilling to bail the company out.
PricewaterhouseCoopers (PwC) were named as administrators as they slashed 173 workers from the company's 208 staff, according to Sky News. In a statement on Thursday, Sarah O'Toole, joint administrator and partner, PwC, said: "It's with great sadness that a pioneering company with a 35-year history of spearheading aerospace innovation has unfortunately been unable to raise the funding required to continue operations. "We know this is a deeply uncertain and unsettling time for the Company's talented and dedicated employees.
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