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Atlas Air reorganization plan confirmed
New York, July 14 - Atlas Air Worldwide Holdings, Inc. said the U.S. Bankruptcy Court for the Southern District of Florida confirmed its plan of reorganization.
The confirmation came after approval of the plan by creditors in voting.
The Purchase, N.Y.-based parent of air freight company Atlas Air, Inc. and Polar Air Cargo, Inc. expects to emerge from Chapter 11 on July 26.
Unsecured creditors have claims of $564 million, and the plan calls for them to get 86% of the reorganized company's equity.
GE Capital Aviation Services will get 3.7%, certain lenders will get 1.6%, and another 8.7% will be offered for subscription to Atlas unsecured creditors. Deutsche Bank is the agent for the lenders getting 1.6% of the stake.
Atlas Air filed for bankruptcy on Jan. 30, 2004. Its Chapter 11 case number is 04-10792.
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