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Atlas Air Worldwide Holdings Closes PDP Financing for New State-of-the-Art Boeing 747-8 Freighters

Greenwich, CT
May 02, 2010 -

Revolving Credit Facility Available for Pre-Delivery Deposits On Final Nine of 12 Next-Generation, Wide-Body Freighter Aircraft Scheduled for Delivery between 2011 and 2013

Atlas Air Worldwide Holdings Closes PDP Financing for New State-of-the-Art Boeing 747-8 Freighters

Greenwich, CT
May 02, 2010 -

Purchase, N.Y., May 3, 2010 – Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and outsourced aircraft operating solutions, today announced the closing on a revolving credit facility in connection with pre-delivery deposit payments (PDPs) on the final nine of 12 next-generation Boeing 747-8 wide-body freighters scheduled for delivery to the Company between early 2011 and 2013.

The 2010 facility complements an initial PDP facility entered into in February 2008 that provides pre-delivery payment financing for the first three aircraft in the Company’s firm order.

The 2010 facility is structured as a revolving credit facility under which AAWW may draw up to $283 million in total, with a maximum of $125.6 million outstanding at any one time. The facility is comprised of nine separate tranches, each corresponding to one of the nine aircraft. Principal amounts outstanding under the PDP facility are to be repaid in tranches upon delivery of each aircraft to the Company.

The 747-8 Freighter is expected to be the largest and most-efficient heavy freighter in the market, providing the lowest ton-mile cost of any freighter alternative. The 12 freighter aircraft, along with options and rights to acquire up to an additional 14, anchor a fleet strategy that focuses on the Company’s customers and reinforces AAWW’s position as the most-advanced, most-efficient, and most-reliable provider of leased freighter aircraft and outsourced aircraft operating services and solutions to the global aviation industry.

“We are very pleased to secure the PDP financing for the remainder of our 747-8 deliveries,” said Jason Grant, AAWW’s Senior Vice President and Chief Financial Officer. “Although PDP financing has generally not been available in the marketplace, the aviation finance community has been quite receptive to both the Company and the 747-8 asset. The financing also reflects the strong working relationship we have with our lender group.”

He added: “In addition to the inherent economic and operating advantages expected of the 747-8s, the aircraft finance community also recognizes the relative scarcity value the aircraft will have when they enter operation and our first-mover advantage as the only outsource provider with 747-8s on order. Furthermore, our strong operating performance, balance sheet and credit quality, and prospects for growth – combined with our premier international customer list and our long-term contractual relationships – leverage the attractiveness of the asset.”

Norddeutsche Landesbank Girozentrale (Nord/LB) and DekaBank Deutsche Girozentrale, leading aircraft financiers, underwrote the 2010 PDP facility. SkyWorks Capital, LLC acted as advisor to the Company.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world’s largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of air cargo and aircraft operating solutions that include ACMI aircraft leasing – in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo charters; and dry leasing of aircraft and engines.

AAWW’s press releases, SEC filings and other information may be accessed through the Company’s home page, www.atlasair.com.

 


 

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect AAWW’s current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries (collectively, the “companies”) that may cause the actual results of the companies to be materially different from any future results, express or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the companies to operate pursuant to the terms of their financing facilities; the ability of the companies to obtain and maintain normal terms with vendors and service providers; the companies’ ability to maintain contracts that are critical to their operations; the ability of the companies to fund and execute their business plan; the ability of the companies to attract, motivate and/or retain key executives and associates; the ability of the companies to attract and retain customers; the continued availability of our wide-body aircraft; demand for cargo services in the markets in which the companies operate; economic conditions; the effects of any hostilities or act of war (in the Middle East or elsewhere) or any terrorist attack; labor costs and relations; financing costs; the cost and availability of war risk insurance; our ability to maintain adequate internal controls over financial reporting; aviation fuel costs; security-related costs; competitive pressures on pricing (especially from lower-cost competitors); volatility in the international currency markets; weather conditions; government legislation and regulation; 2 consumer perceptions of the companies’ products and services; pending and future litigation; and other risks and uncertainties set forth from time to time in AAWW’s reports to the United States Securities and Exchange Commission.

For additional information, we refer you to the risk factors set forth under the heading “Risk Factors” in the Annual Report on Form 10-K filed by AAWW with the Securities and Exchange Commission (SEC) on February 24, 2010, as amended or updated by subsequent reports filed with the SEC. Other factors and assumptions not identified above may also affect the forward-looking statements, and these other factors and assumptions may also cause actual results to differ materially from those discussed.

AAWW assumes no obligation to update such statements contained in this release to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law.

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SkyWorks Arranges Sale Of Three B757-200SF Aircraft

Greenwich, CT
March 29, 2010 -

SkyWorks Arranges Sale Of Three B757-200sf Aircraft

SkyWorks Arranges Sale Of Three B757-200SF Aircraft

Greenwich, CT
March 29, 2010 -

SkyWorks Leasing, LLC has arranged the sale of three B757-200SF aircraft (s/n 22611, 22210 and 22211) to Aerolease, Inc. on behalf of the Owner. Aircraft s/n 22611 has been delivered and the two remaining aircraft will be delivered in April 2010 following the return from previous operator Varig Logistica, S.A. The Rolls-Royce powered aircraft were converted to freighters in 2006 using the Precision Conversions STC at Flightstar Aircraft Services.

SkyWorks Leasing LLC provides turn-key third party portfolio asset management, remarketing and technical advisory services for commercial aircraft. SkyWorks professionals manage a diverse portfolio of 138 aircraft, including ERJ’s, Airbus A319/320s and A300-600Fs, MD80s, Boeing 737NG, 757s and 747-400Fs.

For further information, please visit www.skyworksleasing.com or contact us directly.

SkyWorks is located at: 283 Greenwich Ave., 4th Floor, Greenwich, CT. 06830

Contact:

SkyWorks Leasing LLC
Anders Hebrand President & COO

203-983-6683

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Aveos Reaches Agreement On Recapitalization Plan

Montreal
January 26, 2010 -

Aveos Reaches Agreement On Recapitalization Plan Aveos Reaches Agreement On Recapitalization Plan

Aveos Reaches Agreement On Recapitalization Plan

Montreal
January 26, 2010 -

Aveos Fleet Performance Inc. (formerly ACTS) today announced that it has reached an agreement in principle with its lenders to reduce its outstanding debt and create an appropriate capital structure to support the company’s long-term strategic plan and business objectives.

Under the terms of the agreement, Aveos’ first and second lien debt will be reduced from approximately $800 million to $75 million. In addition, certain of the lenders will provide a new working capital facility of $75 million. As part of the transaction, Aveos’ lenders have agreed to convert their remaining debt into equity and Air Canada will hold a minority stake.

“We are very pleased to have reached an agreement with our lenders,” stated Chahram Bolouri, Aveos President and CEO. “The new capital structure combined with healthy EBITDA margins and a reduced cost structure will lay a foundation for long term growth and provide Aveos with the operating and financial flexibility to support its business plans and work with customers to leverage future growth opportunities.”

“We look forward to a continued strong relationship with our customer, Air Canada, and thank our new owners, our other customers, employees, union, partners and suppliers for their continued support during the recapitalization process. It underscores their belief in the fundamentals of the company’s business and its short-term and long-term outlook” continued Mr. Bolouri.

The closing of this transaction is expected to take place in the first quarter and is subject to customary closing conditions.

Aeroman, the Aveos affiliate in El Salvador, will not be affected by the restructuring.

Osler, Hoskin & Harcourt LLP and Simpson Thacher & Bartlett LLP are acting, among others, as legal advisors and Miller Buckfire & Co., LLC is acting as financial advisor to Aveos.

Weil, Gotshal & Manges LLP and Blake, Cassels & Graydon LLP are acting as legal advisors and SkyWorks Capital, LLC is acting as financial advisor to the first lien lenders.

Goodmans LLP are acting as legal advisor and RBC Capital Markets are acting as financial advisor to the second lien lender.

About Aveos
Aveos is a full-service maintenance, repair and overhaul (MRO) provider of airframe, engine, component and maintenance solutions. From maintenance facilities across Canada and in El Salvador, we provide integrated service solutions to over 100 customers, while focusing on building a robust network of strategic alliances. Aveos is committed to a tradition of providing world-class quality and expertise to customers across the Americas. To learn more, visit aveos.com.

Aveos contact
Michael Kuhn
Director, Communications
Tel.: 1 514 856 6789
 

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SkyWorks Retained To Remarket Two A340-300 Aircraft

Greenwich, CT
January 13, 2010 -

SkyWorks Retained To Remarket Two A340-300 Aircraft

SkyWorks Retained To Remarket Two A340-300 Aircraft

Greenwich, CT
January 13, 2010 -

SkyWorks Leasing, LLC has been engaged by Scandinavian Airlines System, Denmark-Norway-Sweden (“SAS”) to remarket two A340-313 aircraft (s/n 413 and 450) for sale or lease. The CFM56-5C4 powered aircraft were built in 2001/2002 respectively and are available for delivery in the 1st and 2nd quarters of 2010. The disposal of the aircraft is in line with SAS’ fleet reduction program announced in early 2009.

SkyWorks Leasing LLC provides turn-key third party portfolio asset management, remarketing and technical advisory services for commercial aircraft. SkyWorks professionals manage a diverse portfolio of 138 aircraft, including ERJ’s, Airbus A319/320s and A300-600Fs, MD80s, Boeing 737NG, 757s and 747-400Fs.

For further information, please visit www.skyworksleasing.com or contact us directly.
SkyWorks is located at:
283 Greenwich Ave., 4th Floor, Greenwich, CT.  06830

Contact:
SkyWorks Leasing LLC
Anders Hebrand President & COO

203-983-6683

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SkyWorks Arranges Sale Of 20 MD80 Aircraft

Greenwich, CT
January 03, 2010 -

SkyWorks Arranges Sale Of 20 MD80 Aircraft

SkyWorks Arranges Sale Of 20 MD80 Aircraft

Greenwich, CT
January 03, 2010 -

In addition to a previously executed purchase agreement between Allegiant Air, LLC, the Las Vegas-based operator, and Scandinavian Airlines System, Denmark-Norway-Sweden (“SAS”), Allegiant Travel Company, (the parent company of Allegiant Air (NASDAQ: ALGT)) has agreed to purchase an additional 18 MD82/83/87 aircraft from SAS. Delivery of the aircraft will commence in January 2010 and is scheduled to be completed in July 2010. Allegiant Air plans to gradually add the 13 MD82/83 aircraft to its current fleet of 46 MD80 aircraft, including 13 sister ships, previously purchased from SAS. The five MD87s will be used as a source of spare engines and other spare parts.

This mile-stone transaction is a significant step in SAS’ MD80 phase-out and fleet reduction plan announced in early 2009. Once the deliveries to Allegiant Air are completed, SAS will have 24 MD80s remaining in its main-line schedule.

SkyWorks Leasing, LLC has acted as SAS’ exclusive remarketing agent and advisor on both transactions. SkyWorks Leasing LLC provides turn-key third party portfolio asset management, remarketing and technical advisory services for commercial aircraft. SkyWorks professionals manage a diverse portfolio of 138 aircraft, including ERJ’s, Airbus A319/320s and A300-600Fs, MD80s, Boeing 737NG, 757s and 747-400Fs.

For further information, please visit www.skyworksleasing.com or contact us directly. SkyWorks is located at: 283 Greenwich Ave., 4th Floor, Greenwich, CT. 06830

Contact:
SkyWorks Leasing LLC
Anders Hebrand President & COO

203-983-6683

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