All-business class airline, MAXjet has asked a US Bankruptcy Court for permission to put its assets on the auction block but said it's still hunting for a 'stalking horse' to set a floor price.

 

The carrier's request to the court reserved the right to designate a leading bidder before the auction takes place, saying that it thought finding a stalking horse, or lead bidder would ensure a more competitive auction by encouraging other parties to become bidders.

The company, which filed bankruptcy on Christmas Eve and has since discontinued all scheduled flights, said that speed is of the essence. The proposal suggested that offers be submitted by February 11, with the auction to follow on the 15th.

"The central goal of debtor's Chapter 11 case is in the sale of the assets of the debtor to provide a recovery for its creditors," it said in court documents.

"In light of debtor's cash position, debtor believes that time is of the essence in finding a buyer and moving forward with a sale."

In the event that MAXjet does find a lead bidder, the company plans to file a new request with the court to approve a proposed purchase agreement and buyer protections, such as a break-up fee that the stalking horse would receive if its bid loses.

MAXjet asked the court to make a quick decision, and requested that the motion for an auction be considered at a previously scheduled February 1 hearing.