MAXjet Airways suspended operations today after filing bankruptcy.In a notice posted on the Dulles-based airlines Web site, president and CEO William D. Stockbridge blamed increasing fuel prices and the tightening credit market for the failure of the two-year old business-class carrier.The airline operated flights from London to New York, Los Angeles and Las Vegas.Trading of the airline's stock was suspended last month while executives sought to assemble new capital financing."It is with deep regret that I must inform you that MAXjet filed Chapter 11 bankruptcy on 24 December 2007. With today's fuel prices and the resulting impact on the credit climate for airlines, we are forced to take this drastic measure. Our top priority is to assist our customers, particularly those who already have begun their travel with us, in securing alternative flight accommodations," Stockbridge wrote.

Chrysler Supplier Files for Bankruptcy

AUBURN HILLS, Mich. — Chrysler LLC scrambled to maintain its inventory of plastic parts after a supplier filed for bankruptcy protection.

Chrysler was Plastech's fourth-largest customer, The Journal said. The company has 8,000 employees at more than 30 plants in North America.

City wants Asarco hearing delayed

The city of El Paso on Tuesday asked the Texas Commission on Environmental Quality to postpone a Feb. 13 hearing that could help determine whether Asarco's copper smelter will be allowed to reopen.

As expected, the city on Monday also asked the U.S. Bankruptcy Court in Corpus Christi for permission to file a petition to revoke the air-quality permit for the shuttered plant in West El Paso.

The court filing is the latest salvo in the city's fight to block Asarco's efforts to win a renewed air-quality permit from the TCEQ.

City leaders claim that the plant has previously caused dangerous levels of air pollution and would be a health risk to residents if it is reopened.

Asarco, a Tucson-based copper company, has denied the allegations.

"Asarco opposes a continuance and will file a motion (today) outlining the reasons why the city's request (to delay the February hearing) is frivolous and without merit," Thomas L.

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The owner of a large Milwaukee condominium project, facing major construction cost overruns and mounting debts, has filed for receivership - effectively ending its control of the development.

First Place Milwaukee LLC took that action Thursday with a filing in Milwaukee County Circuit Court. A state receivership action requires the court appointment of an outsider to run a company for the benefit of its creditors, a move somewhat similar to bankruptcy.

According to the filing, First Place owes nearly $59 million to a group of lenders and investors that helped finance the development of 115 condominiums at 106 W. Seeboth St., overlooking the confluence of the Milwaukee and Menomonee rivers. The 12-story project, known as First Place on the River, includes a riverwalk and other publicly funded improvements totaling $6.7 million.

Perfect storm of debt rattles Wall Street

Less than an hour after the bankruptcy filing, Warren Spector, the bank's co-president and supposedly one of Wall Street's best debt and mortgage market men, was summoned to the office of James Cayne, his chief executive. Cayne said he should take responsibility for the bank's failure to protect itself. The share price was down 27 per cent and Standard & Poor's, the credit rating agency, had raised a red flag over the bank, shifting its outlook from 'stable' to 'negative'. Someone had to take the fall.

Spector had been considered the most likely to succeed his chief; now he was the first high-profile casualty. As he now watches from his home on Martha's Vineyard, more twisters are touching down on Wall Street, sending investors and bankers running for cover.

Bear Stearns was not the only bank with huge amounts of mortgage business.