Air Transport World

Atlas Air.(US Nationals)(Atlas Air Worldwide Holdings Inc. files for bankruptcy)(Brief Article)

After months of negotiations with creditors and lessors, Atlas Air Worldwide Holdings, parent of the airline and Polar Air Cargo, submitted a pre-arranged Chapter 11 bankruptcy protection filing in July 2003. President and CEO Jeffrey Erickson said the filing was necessary to implement restructuring efforts that began in March 2003 and aim to reduce operating costs and fleet size and cut leasing and secured borrowing costs. In conjunction with its filing, the company arranged for $50 million in debtor-in-possession and exit financing from CIT Group and Ableco Finance LLC, an affiliate of Cerebus Capital Management. …

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