newstodate.aero
APR 04, 2003 (newstodate): Due to the ongoing re-audit of past financial statements for 2000 and 2001, Atlas Air has announced that it was unable to file its Annual Report on Form 10-K for 2002 on schedule.
This inability to file is due primarily to difficulties encountered in obtaining the necessary historical records and data to enable the Companys accountants, Ernst & Young, to re-audit 2000 and 2001 results, which were previously audited by Arthur Andersen, Atlas Air says.
The company says it is already negotiating with creditors and lessors regarding the restructuring of its outstanding debt and lease obligations, and the Company has deferred payments on its bank debt, senior notes and leased aircraft while those negotiations are ongoing. One of the leased aircraft for which the Company had previously suspended payment has now been returned to its lessor, although negotiations are continuing. While negotiations are continuing, the lessor has initiated legal action against the Company, seeking to recover damages under the lease.
This inability to file is due primarily to difficulties encountered in obtaining the necessary historical records and data to enable the Companys accountants, Ernst & Young, to re-audit 2000 and 2001 results, which were previously audited by Arthur Andersen, Atlas Air says.
The company says it is already negotiating with creditors and lessors regarding the restructuring of its outstanding debt and lease obligations, and the Company has deferred payments on its bank debt, senior notes and leased aircraft while those negotiations are ongoing. One of the leased aircraft for which the Company had previously suspended payment has now been returned to its lessor, although negotiations are continuing. While negotiations are continuing, the lessor has initiated legal action against the Company, seeking to recover damages under the lease.