Atlas Air Worldwide Holdings emerges from bankruptcy

By Jeff Pines

Washington, July 28 - Atlas Air Worldwide Holdings, Inc. said it emerged from bankruptcy Tuesday.

The Purchase, N.Y.-based air cargo carrier's restructuring program resulted in the discharge of more than $600 million of pre-petition debt.

As part of its restructuring, Atlas Air also secured a commitment for exit financing through Wachovia Bank, NA and its subsidiary Congress Financial Corp. that is intended to provide $60 million in liquidity.

In addition, Atlas Air has paid off and retired its debtor-in-possession financing facility obtained from CIT Group and Ableco Finance LLC, an affiliate of Cerberus Capital Management, LP.

Atlas Air's plan was confirmed on July 16.

Atlas Air filed for bankruptcy on Jan. 30, 2004 with the U.S. Bankruptcy Court for the Southern District of Florida. Its Chapter 11 case number is 04-10792.

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