|
|
Article: As losses mount, Atlas Air sets course for Ch. II.(Atlas Air Worldwide Holdings Inc. financial losses)
- Article from:
- Westchester County Business Journal
- Article date:
- September 22, 2003
- Author:
CopyrightCOPYRIGHT 2003 Westfair Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Purchase-based Atlas Air Worldwide Holdings Inc., whose financial losses during the first haft of this year were double the amount it lost in entire 2002, plans to seek Chapter 11 bankruptcy in December.
The troubled air cargo carrier said it lost $65 million for the first half of the year on revenues of $679 million, compared with a $36 million loss on $1.2 billion in revenues in 2002. The company blamed the results on a weak air cargo market and restatement of previous earnings.
Atlas Air has said it expects its financial picture to brighten by the end of its three-month peak season in December--by which time, it says, it plans to file for Chapter 11 ...