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Post# of 27114
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cintrix

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cintrix

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Re: Mattu post# 2668

Thursday, 07/03/2003 9:40:00 AM

Thursday, July 03, 2003 9:40:00 AM

Post# of 27114
CGO - remember that one? Looks like it is halted right now:

Atlas Air Worldwide Holdings Announces Agreements Between Atlas Air and EETC


Holders, Bank Group

Business Editors

PURCHASE, N.Y.--(BUSINESS WIRE)--July 3, 2003--As part of its
ongoing restructuring efforts first announced in March 2003, Atlas Air
Worldwide Holdings, Inc. (NYSE:CGO) today announced that its
subsidiary, Atlas Air, Inc., has entered into a forbearance agreement
with the holders of a majority of its Class A Enhanced Equipment Trust
Certificates (EETCs).
The EETCs were issued in 1998, 1999 and 2000 to finance Atlas
Air's initial fleet of 12 Boeing 747-400 freighter aircraft. Under the
EETC financing transactions, a payment was originally due from Atlas
Air on July 2, 2003. Pursuant to the forbearance agreement, on July 2,
2003, Atlas Air paid $25 million, which was approximately 50 percent
of the amount originally due.
In consideration of this payment, the holders of a majority of the
Class A Certificates agreed to forbear from taking any action to cause
the exercise of remedies concerning any defaults under the EETC
financing transactions for an initial forbearance period of 60 days.
The forbearance period will allow Atlas Air to continue efforts to
negotiate a restructuring of its EETC financing transactions. The
forbearance period is extended for an additional 30 days to the extent
an agreement in principle concerning the terms of a restructuring is
reached prior to the end of the initial forbearance period. In certain
limited circumstances, the forbearance period can be terminated early
if Atlas Air defaults in specific obligations under the forbearance
agreement. The forbearance agreement further provides that it is
binding upon successors, assignees and transferees of the holders of
Class A Certificates who are parties to the forbearance agreement.
Atlas Air also reached an agreement in principle, subject to
execution of final documentation, with its main bank group, led by
Deutsche Bank, to restructure its obligations in conjunction with the
comprehensive restructuring program. As a result, the company will
commence making payments on such obligations on a restructured basis.
Negotiations with Atlas Air's remaining secured creditors and
lessors are ongoing. While the company is optimistic that it will be
successful in reaching satisfactory arrangements with its creditors,
there can be no assurance it will succeed. Atlas Air Worldwide
Holdings and its subsidiaries, Atlas Air and Polar Air Cargo, plan to
continue payments to all trade vendors in the ordinary course of
business and will continue to provide reliable services to all of
their customers.
As part of completing its restructuring efforts, the company is
considering various alternative methods to implement its restructuring
program, including the filing of a pre-negotiated Chapter 11 plan of
reorganization, with the goal of emerging from Chapter 11 as quickly
as possible with minimum disruption to its businesses.
Atlas Air Worldwide Holdings is the holding company of Atlas Air
and Polar Air Cargo. Atlas Air offers its customers a complete line of
freighter services, specializing in ACMI (Aircraft, Crew, Maintenance,
and Insurance) contracts and charter services with a fleet of Boeing
747 aircraft. Polar specializes in time-definite, cost-effective
airport-to-airport scheduled airfreight service with a fleet of Boeing
747 freighters. Learn more at www.atlasair.com.

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.

--30--CF/ph*

CONTACT: Atlas Air Worldwide Holdings, Inc., Purchase
Media contact:
Thomas Becher, 914/701-8400
or
Investor contact:
Bill Bradley, 914/701-8395

KEYWORD: NEW YORK
INDUSTRY KEYWORD: TRAVEL TRANSPORTATION AIRLINES BANKING
AEROSPACE/DEFENSE MARKETING AGREEMENTS
SOURCE: Atlas Air Worldwide Holdings, Inc.

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com





Jul-03-2003 13:33 GMT
Symbols:
US;CGO
Source BW Business Wire
Categories:
MST/R/US/NY MST/I/RCS MST/I/TRQ MST/I/AIR MST/I/BNK MST/I/ARO
MST/S/PDT MST/I/AIF
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