CGO .88.Big bammm today.Weeeeeeeeeee again.Also news out yesterday after close.Hope it goes higher.Woof Woof.
Message 18823871
(COMTEX) B: Atlas Air Worldwide Holdings Announces Agreement with GECAS
B: Atlas Air Worldwide Holdings Announces Agreement with GECAS
PURCHASE, N.Y., Apr 14, 2003 (BUSINESS WIRE) -- Atlas Air Worldwide Holdings,
Inc. (NYSE: CGO) today announced that its subsidiaries, Atlas Air, Inc. and
Polar Air Cargo, Inc. have reached an agreement with GECAS, a creditor and the
Company's largest lessor, to restructure their obligations in conjunction with
the comprehensive restructuring program announced March 28, 2003, and commenced
making payments to GECAS on a restructured basis.
In addition, Atlas Air Worldwide Holdings is currently negotiating with several
of its other creditors and lessors regarding similar restructuring agreements.
The Company hopes to reach agreement with, and resume making payments on a
restructured basis, to these creditors and lessors by the end of April, or as
soon as possible thereafter.
The Company is optimistic that these restructuring discussions will be
successful.
However, there is no assurance that this will be the case.
Atlas Air offers its customers a complete line of freighter services,
specializing in ACMI (Aircraft, Crew, Maintenance, and Insurance) contracts,
utilizing its fleet of Boeing 747 aircraft. Polar Air Cargo's fleet of Boeing
747 freighters specializes in time-definite, cost-effective airport-to-airport
scheduled airfreight service.
This document contains forward-looking statements that involve assumptions,
risks and uncertainties that could result in actual results differing materially
from expected results. Forward-looking statements represent the Company's
expectations and beliefs concerning future events, based on information
available to the Company at the date of this press release. Some factors that
could significantly affect the Company's restructuring initiatives include,
without limitation, the economic environment of the airline industry, the
Company's ability to negotiate restructured obligations with its creditors and
lessors, the success of the Company's cost-cutting initiatives in enhancing
profitability and the economic environment in general. Investors should not
place undue reliance on the forward-looking information contained herein, which
speaks only as of the date of this press release. The Company disclaims any
intent or obligation to update or alter any of the forward-looking statements,
whether in response to new information, unforeseen events, changed circumstances
or otherwise.
CONTACT: Atlas Air Worldwide Holdings, Inc.
Media Contact:
Thomas Becher, 914/701-8400
or
Investor Contact:
Jason Grant, 914/701-8402
URL: businesswire.com
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