Update on bankruptcyprocedure

RNS Number:6106O
MAXjet Airways Inc.
22 February 2008


22 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 has decided to extend
the deadline for receipt of qualified bids to 5:00 pm Eastern Time on 27
February, 2008. The Company will determine, in consultation with the Creditors
Committee, which proposal received is the highest and best. 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.

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 [e-mail].



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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