The Wall Street Journal-20080128-MAXjet Airways Inc-- Carrier Seeks Court Approval To Put Itself on Auction Block

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MAXjet Airways Inc.: Carrier Seeks Court Approval To Put Itself on Auction Block

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MAXjet Airways Inc. is seeking permission to put its all-business- class airline on the auction block, but said it is still searching for a lead bidder to set a floor price. MAXjet asked the U.S. Bankruptcy Court in Wilmington, Del., to let it hold an auction of substantially all its assets but reserved the right to designate a stalking horse, or leading bidder, before that auction takes place. The company, based in Dulles, Va., said it thought finding a stalking horse would encourage other parties to become bidders, ensuring a competitive auction. MAXjet said it has been pursuing potential purchasers since before its Christmas Eve bankruptcy filing stranded more than 1,000 customers.