MAXjet Airways sets bid procedures for sale of substantially all assets

By Caroline Salls

Pittsburgh, Jan. 25 - MAXjet Airways Inc. has set the bidding procedures for the sale of substantially all of its assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it has decided to move forward without a stalking horse bid at this time. However, MAXjet said it is still negotiating with potential buyers, and it may seek court approval of a stalking horse bid in the future.

MAXjet said it is drafting a proposed purchase agreement to be used by prospective bidders to make offers for the assets.

Non-binding indications of interest are due by 1 p.m. ET on Feb. 6.

After that, all qualified bidders will have until 5 p.m. ET on Feb. 11 to submit their final bids.

All qualified bids must include a 10% deposit.

If one or more qualified bid is received, the auction will be held on Feb. 15.

MAXjet is an all-business-class airline based in Dulles, Va. The company filed for bankruptcy on Dec. 24. Its Chapter 11 case number is 07-11912.

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