28 December, 2007: NEW YORK - All business class transatlantic airline MAXjet has suspended all flights after going into Chapter 11 bankruptcy in the US.
The decision, taken two days before Christmas, was blamed on soaring fuel prices, rising operating costs, competitive pressure and a decline in consumer spending.
MAXjet ran routes from Stansted to NewYork, Las Vegas and Los Angeles but suspended trading in its shares on December 7.
The airline said, "A substantial deterioration in financial market confidence has precluded any further fundraising.
"As a result of these factors, the board has no choice but to inform that the company cannot continue to operate."
CEO William Stockridge admitted efforts to raise additional capital had been unsuccessful.
"I recognise that discontinuing service during the holiday season may create significant disruption for some passengers," he said.
The airline has contracted 500 seats on rival Eos to handle passengers due to fly between Stansted and New York.