MAXjet Airways Inc., one of a handful of carriers offering all-business-class service to London, asked that trading of its stock be halted Friday "pending clarification of its financial position."
The Dulles, Va.-based carrier did not provide any additional information about the move, saying that its board will update investors "in due course."
U.S.-London routes are among the airline industry's most lucrative, and competition for business travelers with generous expense accounts is fierce. MAXjet competes with all-business airlines Eos Airlines and Silverjet, as well as high-end front-of-plane services from mainline carriers such as United Airlines, American Airlines and British Airways.
Ben Foster, a spokesman for MAXjet in London, sought to assure passengers that the suspension of trading will have no effect on operations.
"It's very much business as usual," he said in a telephone interview. "The airline will be flying next week, and over Christmas."
"We're keen to put out further information as soon as it becomes available," he added.
MAXjet trades on the London Stock Exchange's Alternative Investment Market, which is primarily used by smaller companies in a number of different countries.
The airline's shares have lost half their value since the company went public in June. Shares were trading at 73.5 pence ($1.49) when they were suspended.
MAXjet offers service between London Stansted Airport and New York, Los Angeles and Las Vegas. It previously offered flights to Washington, but that route was canceled in October. The New York route has the most frequent schedule, with one round-trip flight offered daily.
"There are no planned changes to the schedule at the moment," Foster said.
Fuel costs for all airlines have risen in recent months, and that could widen MAXjet's loss more than previously expected this year, Calyon Securities analyst Ray Neidl suggested in a research note Friday. He continued to rate the stock "Neutral" and left his earnings estimates unchanged pending more information from the company.
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