MAXjet granted court approval of $1 million asset sale

By Jennifer Lanning Drey

Portland, Ore., March 27 - MAXjet Airways, Inc. was granted court approval to sell its assets to MAXjet Airways Acquisition Group, LLC for $1 million, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the assets being sold include MAXjet's personal property, including office and other equipment, spare parts, vehicles and files and documents; redemption rights; commercial and aircraft leases; executory and post-bankruptcy contracts; licensures; and intellectual property, including trademarks, patents, manuals, documents and software.

In addition to the $1 million purchase price, MAXjet Airways Acquisition has agreed to pay lease and executory contract cure amounts.

According to the motion requesting approval of the sale, MAXjet Airways Acquisition was to pay MAXjet $783,000 upon entry of the court order approving the sale. The amount will be used to fund the company's operational costs incurred from March 12 to April 23.

In addition, the buyer will provide the company with office space for six months after closing, as well as access to books and records needed to administer the company's Chapter 11 bankruptcy case.

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

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