24th Dec 2007 12:42
MAXjet Airways Inc.24 December 2007 24 December 2007 MAXjet Airways, Inc ("MAXjet" or "the Company") Directorate Change The Board of MAXjet announces today the resignation of the following directorswith immediate effect: Ken Woolley, Non-Executive Chairman Paul Kehoe, Non-Executive Director Roger Flynn, Non-Executive Director On 24 December 2007, the Board of Directors of MAXjet regretfully informed itsshareholders, employees, customers and suppliers that a voluntary petition underChapter 11 of the U.S. Bankruptcy Code was necessary. The Company has beenaffected simultaneously by a number of material factors which have negativelyimpacted its financial position. These principal factors are fuel priceinflation, other operating cost increases, competitive pressure and decline inconsumer spending. In addition a substantial deterioration in financial marketconfidence has precluded any further fundraising. After a vigorous period of assisting the management team to find alternativefinancing means, Paul Kehoe and Roger Flynn are resigning as the Company nolonger requires Non-Executive Directors with United Kingdom public-marketexpertise. Ken Woolley, Non-Executive Chairman, is resigning due to potentialconflicts as a creditor of the Company under the Chapter 11 process. "On behalf of the Company I sincerely thank Ken, Paul and Roger for theirservice," said William Stockbridge, CEO. "We are all deeply saddened that wewere left with no other choice but filing for bankruptcy protection. Ken, Rogerand Paul worked tirelessly to seek alternatives for our shareholders, employees,customers and suppliers, and we are grateful for their efforts." For more information please contact: MAXjet Airways Inc. Media Relations +1 703 574 6474 Financial Dynamics MAXjet Media Relations +44 (0)20 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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