Atlas Air/Polar Air Cargo Muttergesellschaft geht in Chapter

[touchdown99]

Das waren noch Zeiten, als sich der - vor einigen Jahren tödlich verunglückte - Atlas air-Gründer in einem Boeing BJ durch die Welt fliegen lassen konnte:

 

 

Atlas Air Worldwide Holdings, Inc. (“AAWH”), the parent company of Atlas Air, Inc. (“Atlas”) and Polar Air Cargo, Inc. (“Polar”), today announced that it, Atlas and Polar and certain other direct and indirect U.S. subsidiaries have filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Florida. The bankruptcy filing is intended to implement the restructuring program commenced in March 2003, pursuant to which AAWH has been successful in obtaining agreements in principle from its major secured creditors and lessors.

 

Jeff Erickson, president and chief executive officer of AAWH, said that during the Chapter 11 case, Atlas and Polar will maintain their ability to continue their global operations and continue their long-standing commitment to their customers. “Atlas and Polar will continue to provide customers with the same experience, level of service and reliability they have come to expect,” he said.

 

Chapter 11 permits a company to continue operations in the normal course while it develops a plan of reorganization to address its existing debt, capital and cost structures.

 

AAWH stressed that it is business as usual for the company. To ensure the continued normal operation of Atlas and Polar, the company said that it has requested relief from the bankruptcy court allowing it to, among other things, continue making regular and timely payments to fuel and other critical and foreign vendors, service providers and governments, obtain debtor-in-possession financing and pay employee salaries, wages and benefits without interruption.

 

AAWH reported that in conjunction with its filing, it has arranged commitments for $50 million in debtor-in-possession (DIP) and exit financing from CIT Group and Ableco Finance LLC, an affiliate of Cerberus Capital Management, L.P.

 

Access to the $50 million is subject to certain terms of the facility that require, among other things, that the company achieve performance and liquidity milestones under its business plan. In addition to cash-on-hand, the DIP financing is expected to provide adequate liquidity to meet the anticipated needs of AAWH and all of its operating units to continue normal operations.

 

[ Diese Nachricht wurde geändert von: touchdown99 am 2004-02-02 11:05 ]

[viasa]

Sehr wahrscheinlich wird die Atlas Air Worldwide Holdings Inc. am Montag in einer Woche (26.07.04) sich aus dem Chapter 11 lösen können!

[Gast]

Ist doch eigentlich 'ne olle Kamelle, die befinden sich seit dem vorigen Jahr in einem Restrukturierungsprogramm und das sind jetzt "legal technicalities".

 

Chawdry konnte seinen BBJ übrigens selber fliegen, mit seinem Jettrainer war er dann wohl einmal "too late on those roundouts, Hoskins".

 

No second chance on that one, mate.

[PHXFlyer]

Jeff Erickson ist ein guter Mann - der beste CEO, den TWA hatte in der Post-Icahn-Aera. 1995 hat er das gleiche Verfahren bei TWA angewendet, mit phaenomenalem Erfolg. (Ich bin der festen Ueberzeugung, dass TWA noch existieren wuerde, wenn ihn der Vorstand nicht ein Jahr spaeter aus hoechst eigensuechtigen Gruenden gefeuert haette). Ich wuensche ihm alles Gute bei Atlas Air.

[viasa]

von Justplanes:

 

Atlas Air Worldwide Holdings, Inc. and its subsidiaries completed their financial restructuring and emerged from Chapter 11 bankruptcy protection as their Joint Plan of Reorganization became effective. AAWW, the parent company of Atlas Air and Polar Air Cargo, sought Chapter 11 protection in January of this year.

AAWW is the parent company of Atlas Air and Polar Air Cargo together operate the world's largest fleet of Boeing 747 freighter aircraft.

 

Gratulation!