TRADING in shares in PlaneStation, the Kent-based airline and airport operator, has been suspended after its bankers declined to extend credit facilities.

PlaneStation runs EUJet, the low-cost scheduled airline operating out of Kent International Airport, Manston.

Despite carrying 300.000 passengers since its launch on September 1, 2004, PlaneStation announced last month (June) that passenger numbers would be below expectations and said more cash would be needed.

Bosses indicated that this cash shortfall would be funded by asset sales and said that it had entered into an exclusive agreement to dispose of 75 per cent of its interest in Kent International Business Park.

They said that PlaneStation bankers had been kept fully informed of the group’s position and the need for ongoing support and an extension of faclities while the disposal was completed.

They expected that support to be forthcoming. However, in a statement from the London Stock Exchange, they said "discussions with the company’s bank over the last 48 hours have not been positive and the company has been informed this morning that the bank is no longer able to support the company with additional facilities."

It added: "The company has therefore requested a suspension of trading in its securities pending clarification of its financial position. A further announcement will be made in due course."