Maxjet seeks auction of assets

Washington DC
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Former all-premium carrier Maxjet has asked a bankruptcy court to approve an asset auction since negotiations up to this point to sell its operations haven’t produced an agreement.

Maxjet in December 2007 filed for Chapter 11 bankruptcy protection after discussions to secure a new round of financing failed.

The carrier says in a court filing it has been meeting with parties interested in some or all of its assets but, “no single bidder has come forward.”

Maxjet is seeking court approval for bids to be submitted by February 11, followed by the auction on 15 February.

Although no “stalking horse” bidder to establish a minimum purchase price has emerged, Maxjet is asking for approval to identify a lead bidder if one emerges after the bidding process starts. The company “believes entry into a stalking horse agreement would encourage other entities to become bidders.”

But since the sale of the assets is to provide a recovery for its creditors, Maxjet tells the court it is prudent to move forward without a lead bidder

At the time of its bankruptcy filing Maxjet had four Boeing 767-200ERs and a single 767-200. Other assets cited by the carrier include customer lists, operating systems, manuals, aircraft leases and its operating certificate.


Source: flightglobal.com's sister premium news site Air Transport Intelligence news