newstodate.aero
MAY 25, 2004 (newstodate): Atlas Air hopes to fly out of Chapter 11 protection not later than June 7, 2004.
Atlas Air Worldwide Holdings has reached a settlement with the court-appointed unsecured creditors committees of AAWH subsidiaries Atlas Air, Inc. and Polar Air Cargo, Inc. in the Companys ongoing Chapter 11 bankruptcy proceedings.
Pursuant to the settlement, all litigation between the parties has been abated pending final documentation of the settlement terms and submission of an amended Disclosure Statement and Joint Plan of Reorganization.
As part of the settlement, the Polar unsecured creditors will receive a 60 percent cash dividend on allowed unsecured claims against Polar. The Company anticipates that the total settlement will amount to between $30 to $40 million.
Under the settlement, the percentage of common stock previously allocated to Polar unsecured creditors will be reallocated to the Atlas unsecured creditors or sold as part of the rights offering.
Atlas Air Worldwide Holdings has reached a settlement with the court-appointed unsecured creditors committees of AAWH subsidiaries Atlas Air, Inc. and Polar Air Cargo, Inc. in the Companys ongoing Chapter 11 bankruptcy proceedings.
Pursuant to the settlement, all litigation between the parties has been abated pending final documentation of the settlement terms and submission of an amended Disclosure Statement and Joint Plan of Reorganization.
As part of the settlement, the Polar unsecured creditors will receive a 60 percent cash dividend on allowed unsecured claims against Polar. The Company anticipates that the total settlement will amount to between $30 to $40 million.
Under the settlement, the percentage of common stock previously allocated to Polar unsecured creditors will be reallocated to the Atlas unsecured creditors or sold as part of the rights offering.