21 January 2014
Atlas Air Worldwide Holdings, Inc. (NASDAQ: AAWW) said that it intends to pursue new aircraft, crew, maintenance and insurance placement opportunities for three 747-8 Freighter aircraft currently operated for British Airways plc by Atlas Air Worldwide´s 49%-owned UK subsidiary, Global Supply Systems Ltd.
The action follows notice from British Airways regarding British Airways´ strategic decision to exit dedicated cargo-freighter service and to return the aircraft to GSS in April 2014 pursuant to the terms of the existing ACMI agreement between the parties.
Effective with the termination of the agreement, the three 747-8Fs will be redelivered to the company by GSS. Through GSS, the company also will receive contractual early termination fees from British Airways.
Atlas Air Worldwide is the parent company of Atlas Air, Incand Titan Aviation Leasing, and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Atlas Air Worldwide also maintains a 49% interest in Global Supply Systems Ltd. The company´s website is at www.atlasair.com.