MAX Jet

[Spooky 2]

I see that the London Stck exchange has suspended trading of Max Jet stock until the company can further define their financial where with all. Apparently MJ has been asked to pay cash for some items, such as fuel.

Sounds pretty ominous.

 

[USA_Av8r]

Source? Link? Anything substantial?

 

[Spooky 2]

I first saw it on PPrune and then also saw it under an airline stock market watch. Should not be to hard to find.

 

[GogglesPisano]

http://us.ft.com/ftgateway/superpage.ft?news_id=fto120720071559527322&referrer_id=yahoofinance

 

[Sparse]

Source? Link? Anything substantial?

Maxjet share trading halted
By Kevin Done in London



Published: December 7 2007 20:38 | Last updated: December 7 2007 20:38


Trading in the shares of Maxjet Airways, one of the new breed of all-business class long-haul airlines, was suspended on Friday in London, as the US group struggled to put together a financial rescue package.

The airline, which started flying transatlantic services in November 2005 between London Stansted and New York JFK airports, raised net proceeds of £47.3m in an initial public offering in June, becoming the second all-business airline after UK rival Silverjet to list on London’s alternative investment market.



It has faced mounting losses in the face of surging fuel prices and lower than expected fare yields. Higher maintenance costs for its ageing fleet of Boeing 767 aircraft have also depressed financial performance.



After being launched at 138p a share, the Maxjet share price rose briefly to a peak of 140p, but it has declined steeply in recent months, falling to a low of 73½p before trading was halted on Friday. Maxjet said it had requested the suspension “with immediate effect pending clarification of its financial position”.

In an attempt to shore up confidence it issued a second statement last night “to confirm to its employees, customers and suppliers that business continues to function as normal”.

Maxjet services operated from Stansted on Friday to both New York and Los Angeles.

As senior executives criss-crossed the North Atlantic to try to secure financial backing – an effort made more difficult by deteriorating conditions in world financial markets – the group said that an announcement about the company’s financial position would be made “as soon as ­possible”.

Maxjet had losses of $31.9m in the first six months of the year as it was affected by higher than expected costs from aircraft maintenance and rising fuel prices, while it expanded its transatlantic operations.

It is one of a group of four carriers – including Eos of the US, the UK’s Silverjet and L’Avion in Paris – launched in the past two-and-a-half years with all-business class services in an attempt to challenge the legacy carriers such as British Airways, American Airlines, Air France and Delta Air Lines on long-haul routes out of Europe and the US.

The airline made a net loss of $79m in 2006, its first full year of operations, on a turnover of $41.1m.



Copyright The Financial Times Limited 2007

 

[Skippy]

http://www.digitallook.com/cgi-bin/dlmedia/security.cgi?username=&ac=&csi=231550


stock was at 1.39P when i started there and has plummeted to half and trade has suspended.

ops agents in london say that vendors are asking for cash type payments and say that they'll be done by the end of the first quarter. they have a b payscale already going and their vesting is a joke. the company made reference to a "mystery investor" to keep the pilots from bailing.

make your choice wisely

 

[Shrek]

Just in the nick of time huh Skip?

Godspeed to the rest of the seniority list at MaxJet.

 

[B +]

http://www.digitallook.com/cgi-bin/dlmedia/security.cgi?username=&ac=&csi=231550


stock was at 1.39P when i started there and has plummeted to half and trade has suspended.

ops agents in london say that vendors are asking for cash type payments and say that they'll be done by the end of the first quarter. they have a b payscale already going and their vesting is a joke. the company made reference to a "mystery investor" to keep the pilots from bailing.

make your choice wisely

Perhaps this "mystery investor" is the same investor that was going to buy IDE and keep it running.

 

[ClubORD]

Perhaps this "mystery investor" is the same investor that was going to buy IDE and keep it running.

That "mystery investor" has his own LCC based in SFO now.