PURCHASE, N.Y.--(BUSINESS WIRE)--July 28, 2004--Atlas Air Worldwide Holdings, Inc. (Pink Sheets: AAWWV) and its subsidiaries completed their financial restructuring yesterday and emerged from Chapter 11 bankruptcy protection as their Joint Plan of Reorganization became effective. AAWW, the parent company of Atlas Air, Inc. ('Atlas') and Polar Air Cargo, Inc. ('Polar'), sought Chapter 11 protection in January of this year.
AAWW's comprehensive financial and operational restructuring program has resulted in the discharge of more than $600 million of pre-petition debt, enhanced profitability through a reduction in operating costs and the elimination of capacity, and reduced financial costs through the restructuring of aircraft-related debt and lease obligations"
Wow - "resulted in the discharge of more than $600 million of pre-petition debt" - is that unsecured creditors that did not get paid (or settled for pennies on the dollar)? If so, business credit insurance would sure have been handy for the creditors.
Business Credit Insurance
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