MAXjet has filed for Chapter 11 Bankruptcy due to soaring fuel costs and an inability to raise funds due to increasing competition in business-class.

The transatlantic business-class only airline listed just six months ago on AIM, London’s alternative market.

MAXjet has been trying to secure additional funding since early November but without success.

Letter from the CEO of MAXjet

Dear Friends of MAXjet:

It is with deep regret that I must inform you that MAXjet filed Chapter 11 bankruptcy on 24 December 2007. With today’s fuel prices and the resulting impact on the credit climate for airlines, we are forced to take this drastic measure. Our top priority is to assist our customers, particularly those who already have begun their travel with us, in securing alternative flight accommodations.

MAXjet has contracted with Eos Airlines for seats on Eos’ scheduled all-Premium service to accommodate passengers awaiting a return flight between New York and London. Passengers needing return travel between London, Los Angeles and Las Vegas will be contacted regarding their flight re-accommodations. Any customers who choose to make flight accommodations directly should seek a refund from their point of purchase (credit card or travel agency) for the unused leg of their journey.

We have also secured hotel rooms in London, New York, Las Vegas and Los Angeles through early January 2008 which we will provide to affected passengers whose travel plans have been disrupted.

On behalf of the entire MAXjet family, we extend our apologies to you for the inconvenience. We are extremely saddened to discontinue a service that we so passionately believe in, and we thank our loyal flyers who helped build MAXjet since our start in 2005.

Sincerely,

William D. Stockbridge
President and CEO
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