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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Maxjet | LSE:MAXJ | London | Ordinary Share | COM STK USD0.05 (REG S) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 75.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6009N MAXjet Airways Inc. 08 February 2008 8 February 2008 MAXJET AIRWAYS INC. ("MAXjet" or the "Company") Update on bankruptcy procedures and asset sales On 24 December 2007 MAXjet filed for protection under title 11 of the United States Code (the "Bankruptcy Code"). The Company discontinued scheduled all Business Class flight operations and petitioned the U.S. Bankruptcy Court to set procedures to sell the business. On 1 February 2008 the U.S. Bankruptcy Court approved Bidding Procedures in connection with the sale of the Company's business. In accordance with the Bidding Procedures, the timetable for the auction of assets may be cancelled or rescheduled for a later time by the Company. The Company will determine, in consultation with the Creditors Committee, which proposal received is the highest and best. The timetable for sale of assets is currently scheduled as follows. 8 February 2008 Interested bidders must identify themselves through written notice by 5:30pm Eastern Time. Bidders must meet qualification requirements including signing confidentiality agreements, financial resources and other criteria as contained in the Bidding Procedures. Once these conditions are met potential buyers may submit a written offer to purchase some or all of the Company's business assets (a "Qualified Bid"). 13 February 2008 Qualified Bids are due by 5:00pm Eastern Time. If a Qualified Bid is received that is selected by the Company, in consultation with the Creditors Committee, as the winning bid, after the conclusions of negotiations the Company will file an Approval Motion with the Bankruptcy Court to consummate the sale to the Purchaser. The Company will report the Court's ruling on any Approval Motion filed. 20 February 2008 If a Final Auction is required to determine the winning Qualified Bid, it will be held at the law offices of Pachulski Stang Ziehl & Jones LLP in Wilmington, Delaware, USA at 1:00pm Eastern Time. The Company's ability to transfer its certificates authorizing scheduled and charter flight operations will be subject to approval by certain government agencies. Transfer of economic authority granted by the Company's Certificates of Public Convenience and Necessity are subject to United States Department of Transportation approval under 49 U.S.C. (S)41105. Operating authority granted by the U.S. Federal Aviation Administration Air Carrier Certificate is non-transferable as an independent asset and is specific to the Company's particular operations, personnel and manuals. Depending on the nature of the ultimate transaction between the Company and the Purchaser, re-issuance of the FAA Air Carrier Certificate may or may not be necessary. The Company is currently exploring a variety of options, including plans that could result in emergence from Chapter 11. The Company will continue to consider these options through the close of the auction. The Company expects that if an auction is held, all proceeds from the sale of assets will be for the benefit of creditors and that no proceeds will be distributed to shareholders. Copies of court documents can be accessed online at https://ecf.deb.uscourts.gov. A PACER password is required to access the U.S. Bankruptcy Court online system. MAXjet case materials are listed under docket 07-11912. Interested bidders should contact the Company's Chief Executive Officer, Bill Stockbridge, at bstockbridge@maxjet.com. This information is provided by RNS The company news service from the London Stock Exchange END MSCUUUCCPUPRUBR
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