CGO: news
Atlas Air Obtains Waiver, Eliminates Default
Business Editors
PURCHASE, N.Y.--(BUSINESS WIRE)--Jan. 8, 2003--Pursuant to an 8K
filing today, Atlas Air, Inc., a wholly owned subsidiary of Atlas Air
Worldwide Holdings (NYSE: CGO), announced that it has entered into an
amendment and waiver with its bank lenders to amend certain loan
agreements and to waive certain events of default arising under the
loan agreements and related aircraft leases.
Compliance with various financial covenants has also been waived
through March 31, 2003. The Company expects to discuss financial
covenant levels for the balance of 2003 with its bank lenders later in
the first quarter.
Atlas Air Worldwide Holdings, Inc. is the parent company of Atlas
Air, Inc. ("the Company") and of Polar Air Cargo, Inc. Atlas Air
offers its customers a complete line of freighter services,
specializing in ACMI (Aircraft, Crew, Maintenance, and Insurance)
contracts, utilizing its fleet of B747 aircraft. Polar's fleet of
Boeing 747 freighter aircraft specializes in time-definite,
cost-effective, airport-to-airport scheduled airfreight service.
--30--RC/ny
CONTACT: Atlas Air, Inc.
Media
Rachel Berry, 914/701-8400
or
Investor
Jason Grant, 914/701-8402
KEYWORD: NEW YORK
INDUSTRY KEYWORD: AEROSPACE/DEFENSE BANKING AIRLINES
TRANSPORTATION
SOURCE: Atlas Air, Inc.
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Jan-08-2003 22:25 GMT
Symbols:
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Source BW Business Wire
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