Sweden's Goodjet Files for Bankruptcy

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Thursday, January 16, 2003 · Last updated 8:38 a.m. PT

By MATT MOORE
AP BUSINESS WRITER

STOCKHOLM, Sweden -- Goodjet, a discount airline that offered inexpensive flights to
several European destinations, filed for bankruptcy Thursday, nearly six weeks after
it stopped flying.

The Goteborg-based airline, which garnered a reputation for cheap fares to places in
France, Norway and Spain, said money promised to it by the new owner never came.

"There are no alternatives left," Goodjet chairman Cafer Ok said Thursday. The
company's Web site, which normally featured its routes, fares and online booking, was
empty, save for the company logo.

Luxembourg-based Standard Finance International agreed in November to become the
airline's principle owner, and to provide the money needed to keep operating.

Goodjet had hoped to resume flying this month after its owner, Dutch MCI Group, along
with its parent company SFI agreed to find a new operator for the airline in December.

"SFI's incomprehensible delaying tactics have caused us enormous damage," Ok said.
"Goodjet's employees, suppliers and passengers, as well as the company's owners have
been affected in a way that we can't accept."

Goodjet, which was founded in 2001, suffered a setback in November when a dispute
arose with Transair Sweden AB over its use of money paid by Goodjet.

Goodjet didn't own any of its planes. Instead, its routes were flown by Transair
Sweden AB between Sweden and Norway to France, including Paris and Nice, as well as
Alicante, Spain.

The company also operated three domestic flights between Stockholm, Goteborg and Malmoe.

Ok said he "devastated" about having to file for bankruptcy protection, said he will
try and find new investors to get the airline flying again.

"I will continue to look for interested financiers who are ready to bet on the
enormous knowledge that has been built up in Goodjet during the company's roughly
one-year history."

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