Atlas Air Worldwide Holdings Announces Extension of Forbearance Agreement between Atlas Air and EETC Holders.Business Editors PURCHASE, N.Y.--(BUSINESS WIRE)--Aug. 29, 2003 Atlas Air Atlas Air is an American cargo airline based in Purchase, New York, United States. It operates scheduled freight flights on an ACMI contract basis for some of the world's leading airlines, flying to 101 cities in 46 countries. Worldwide Holdings, Inc. (NYSE NYSE See: New York Stock Exchange : CGO CGO Cargo CGO Code Generation and Optimization CGO Cogeco Inc (stock symbol) CGO Zhengzhou, China (Airport Code) CGO Chief Globalization Officer CGO Company Grade Officer ) today announced that, in light of progress being made in negotiations with the holders of a majority of Atlas Air, Inc. Class A Enhanced Equipment Trust Certificates (EETCs), the holders have agreed to extend a previously announced forbearance Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. agreement. This extension, from Aug. 31 to Sept. 12, 2003, enables Atlas Air to continue to negotiate a restructuring of its EETC EETC Enhanced Equipment Trust Certificate EETC Energy and Environment Technology Center EETC Early Education and Training Centre (Hong Kong) EETC Energy & Environmental Technologies Conference EETC Electronic Engineering Times - China financing transactions. All other terms of the original forbearance agreement remain in effect. The EETCs were issued in 1998, 1999 and 2000 to finance Atlas Air's initial fleet of 12 Boeing 747-400 freighter aircraft. Atlas Air Worldwide Holdings, the parent company of Atlas Air, Inc. and Polar Air Cargo Polar Air Cargo is an American cargo airline based in Purchase, New York, USA. It operates scheduled all-cargo services to Asia, Europe, Australia, New Zealand and the Americas. Its main base is John F. , Inc., offers its customers a complete line of freighter services, including ACMI (Aircraft, Crew, Maintenance, and Insurance) contracts, charter services and time-definite, airport-to-airport scheduled airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air service with a fleet of Boeing 747 freighters. Learn more at www.atlasair.com. This press release 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. |
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