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Atlas Air Worldwide, British Airways to Pursue New Opportunities

01/17/2014 | By Atlas Air Worldwide press release

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating solutions, today said that it intends to pursue new ACMI (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 Limited (GSS).

The action follows notice from British Airways, a unit of International Consolidated Airlines Group, S.A., 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.

“We deeply appreciate our long relationship with British Airways and its cargo affiliate, IAG Cargo,” said William J. Flynn, President and Chief Executive Officer, Atlas Air Worldwide. “We are very proud to have served them over the past 18 years, including the last 12 years through GSS.

“We are also focused on the continued development of our business. We are an innovative provider of outsourced aircraft and aviation operating solutions to the global aviation industry. And we will deploy these freighters in profitable revenue operations once redelivered to us, taking advantage of their superior fuel efficiency, range, capacity and loading capabilities. We believe these qualities create a compelling value proposition for our customers.”

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