ATLAS AIR TO ADOPT HOLDING COMPANY STRUCTURE
Atlas Air Inc. said it will form a holding company, Atlas Air Worldwide Holdings Inc., and Atlas Air will become a wholly owned subsidiary of the new entity.
“The holding company structure provides for more flexibility to facilitate the growth and capital requirements of Atlas Air in the long term,” said Richard H. Shuyler, chief executive officer. “This change will have no impact on our shareholders, our employees, the make-up of our board of directors, the company's financial structure or the corporation's certificate of incorporation and bylaws.”
The new holding company will trade under the New York Stock Exchange symbol CGO.
Atlas Air, based in Purchase, N.Y., leases a fleet of 747 freighters to airlines under ACMI contracts, which include aircraft, crew, maintenance and insurance.