The parent company of both Atlas Air, Inc and Polar Air Cargo, Inc has filed for protection under Chapter 11 of the US bankruptcy Code. Both subsidiary airlines have also filed. Operations continue as normal. Atlas Air Worldwide Holdings, Inc, has arranged commitments for US$50 million in debtor-in-possession (DIP) and exit financing from CIT Group and Ableco Finance LLC.
By: wannabe pilot - 7th February 2004 at 13:36
Does this affect Global Supply Systems aswe;;? I know they are a sort of joint venture between Atlas Air and BA Cargo, but I don’t know exactly how it is organised. I really hope it doesn’t affect GSS, we dont get many 747’s down here at STN as it is.
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February 7, 2004 at 10:55 am