Atlas
Thread Starter
Joined: Oct 2000
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Atlas
Whatever happened to Atlas?
Once the worlds most finacially fit airline.
Is Atlas dead?
Atlas seems to have dropped off the map.
I havent seen an Atlas plane in months.
Did management win?
What happened? Over.
Once the worlds most finacially fit airline.
Is Atlas dead?
Atlas seems to have dropped off the map.
I havent seen an Atlas plane in months.
Did management win?
What happened? Over.
Trash du Blanc
Joined: Mar 2001
Posts: 1,185
Likes: 0
From: KBHM
They did buy Polar - they're running it as a seperate company.
They are also "unpainting" their planes - just a white fuselage and a blue tail. Something about Air Force contracts, although it may help swapping aircraft back and forth between Polar, Atlas and AACI.
They voted down the TA, are negotiating a new one, and the company is playing very hard ball. Don't know any more than that....
They are also "unpainting" their planes - just a white fuselage and a blue tail. Something about Air Force contracts, although it may help swapping aircraft back and forth between Polar, Atlas and AACI.
They voted down the TA, are negotiating a new one, and the company is playing very hard ball. Don't know any more than that....
Joined: May 2002
Posts: 8
Likes: 0
From: USA
I suspect if your friend is never home he must be working for AACS, not Atlas. Most mainline Atlas guys are either not working much, or they are being furloughed.
Polar and AACS are hiring.
The Atlas management team is trying to scare its pilots into settling for a substandard contract. It is unfortunate that they underestimate our resolve.
I am saddened and disgusted. I was once proud to wear the Atlas uniform. I want to be proud again.
While the average pilot lives by honor and professionalism, the average manager sees only greed and short term gain.
Polar and AACS are hiring.
The Atlas management team is trying to scare its pilots into settling for a substandard contract. It is unfortunate that they underestimate our resolve.
I am saddened and disgusted. I was once proud to wear the Atlas uniform. I want to be proud again.
While the average pilot lives by honor and professionalism, the average manager sees only greed and short term gain.
Guest
Posts: n/a
I never been proud to wear the Atlas uniform, I hate polyester
Concerning AACS, since they fly from Europe, the crews have to be europeans. Many Atlas guys tried to come to AACS but couldn't have their work permit. The problem with some american pilots is that they think they own the world
ever heard of a European carrier opening a base in the US and hiring only Europeans? I haven't
Concerning AACS, since they fly from Europe, the crews have to be europeans. Many Atlas guys tried to come to AACS but couldn't have their work permit. The problem with some american pilots is that they think they own the world
ever heard of a European carrier opening a base in the US and hiring only Europeans? I haven't
Joined: May 2002
Posts: 284
Likes: 1
From: Europe
Lefrancaoui,
If you say that you "took the rating and left", you must be the french guy xx that in fact got kick out from AACS and is now working for Air Atlanta based in CDG...get your story straight!!!
Silverthunder,
If you can't stand working for Atlas, then GO, there are thousand of pilots in the States that would love to take your job for half your salary.........
No initials Please!
Hogg
If you say that you "took the rating and left", you must be the french guy xx that in fact got kick out from AACS and is now working for Air Atlanta based in CDG...get your story straight!!!
Silverthunder,
If you can't stand working for Atlas, then GO, there are thousand of pilots in the States that would love to take your job for half your salary.........
No initials Please!
Hogg
Last edited by Hogg; 14th May 2002 at 18:33.
Joined: Mar 2000
Posts: 8,571
Likes: 3
From: Arizona USA
Hmmm,... took the rating and left.
And some wonder WHY companies ask for a bond.
For each guy/gal that "runs away"...makes it more difficult for others that follow.
'Tis called...no personal responsibility. Hardly the qualities that companies want in a pilot.
And some wonder WHY companies ask for a bond.
For each guy/gal that "runs away"...makes it more difficult for others that follow.
'Tis called...no personal responsibility. Hardly the qualities that companies want in a pilot.
Joined: Mar 2001
Posts: 146
Likes: 0
From: Miami, FL U.S.A.
S&P cuts Atlas Air Worldwide to B-plus
(Press release provided by Standard & Poor's)
NEW YORK, May 15 - Standard & Poor's said today it lowered its corporate credit rating on Atlas Air Worldwide Holdings Inc. to single-'B'-plus from double-'B'-minus. The rating action reflects increased risk in both the company's financial and business profiles, stemming from current industry pressures and an increasing focus on new, more risky service offerings. The outlook is negative.
Purchase, N.Y.-based Atlas, which provides heavyweight air cargo services through its Atlas subsidiary and scheduled, high-frequency airport-to-airport cargo services through its Polar subsidiary, has about $2.5 billion of debt (including off-balance sheet leases).
"Because of its high operating leverage, substantial debt burden, and reduced industry demand over the past year, Atlas has experienced a deterioration in financial measures, and liquidity has become constrained," said Standard & Poor's credit analyst Lisa Jenkins. At year-end 2001, lease-adjusted debt to capital was 84% and EBITDA interest coverage was 1.4 times (x). Industry conditions are expected to remain challenging this year and, as a result, no material improvement in financial performance is expected over the near term. Over the longer term, Atlas should benefit from a rebound in air cargo demand. However, because of its changing business mix, Atlas will likely experience more volatility in operating results.
Until last year, Atlas' primary business was the provision of ACMI (aircraft, crew, maintenance, and insurance) services for airlines, a business in which it is a market leader. In 2001, Atlas expanded its product line to include fractional ACMI; partial ACMI; dry leases (aircraft, maintenance, and insurance but no crew) for aircraft; and charters. Also in late 2001, the company acquired Polar Air Cargo Inc., a provider of scheduled airport-to-airport cargo services as well as other nonscheduled cargo services. Polar's scheduled service is a different type of business and serves different customers than does Atlas' existing ACMI freighter services and carries a higher fixed cost component. The purchase of Polar increased Atlas' fleet of aircraft and its lease obligations at a time when air freight market conditions were under significant pressure. Adding to risks in the near term is Atlas' preexisting commitment to acquire four new 747 aircraft despite existing overcapacity. Financial risk is also heightened by substantial debt maturity requirements over the next few years.
International commercial air freight demand weakened sharply in 2001. No material improvement is expected this year although, over the longer term, growth prospects are still considered positive. The cyclical and price-competitive nature of the industry will remain a challenge for Atlas as will the matching of additional aircraft with contracts and the renewal and pricing of expiring contracts.
Ratings assume that Atlas will maintain current levels of liquidity over the near term and generate a gradual improvement in financial measures as industry fundamentals begin to strengthen. A protracted downturn in industry demand or difficulties in executing the new business strategy could lead to further financial pressures and could result in further downgrades.
(Press release provided by Standard & Poor's)
NEW YORK, May 15 - Standard & Poor's said today it lowered its corporate credit rating on Atlas Air Worldwide Holdings Inc. to single-'B'-plus from double-'B'-minus. The rating action reflects increased risk in both the company's financial and business profiles, stemming from current industry pressures and an increasing focus on new, more risky service offerings. The outlook is negative.
Purchase, N.Y.-based Atlas, which provides heavyweight air cargo services through its Atlas subsidiary and scheduled, high-frequency airport-to-airport cargo services through its Polar subsidiary, has about $2.5 billion of debt (including off-balance sheet leases).
"Because of its high operating leverage, substantial debt burden, and reduced industry demand over the past year, Atlas has experienced a deterioration in financial measures, and liquidity has become constrained," said Standard & Poor's credit analyst Lisa Jenkins. At year-end 2001, lease-adjusted debt to capital was 84% and EBITDA interest coverage was 1.4 times (x). Industry conditions are expected to remain challenging this year and, as a result, no material improvement in financial performance is expected over the near term. Over the longer term, Atlas should benefit from a rebound in air cargo demand. However, because of its changing business mix, Atlas will likely experience more volatility in operating results.
Until last year, Atlas' primary business was the provision of ACMI (aircraft, crew, maintenance, and insurance) services for airlines, a business in which it is a market leader. In 2001, Atlas expanded its product line to include fractional ACMI; partial ACMI; dry leases (aircraft, maintenance, and insurance but no crew) for aircraft; and charters. Also in late 2001, the company acquired Polar Air Cargo Inc., a provider of scheduled airport-to-airport cargo services as well as other nonscheduled cargo services. Polar's scheduled service is a different type of business and serves different customers than does Atlas' existing ACMI freighter services and carries a higher fixed cost component. The purchase of Polar increased Atlas' fleet of aircraft and its lease obligations at a time when air freight market conditions were under significant pressure. Adding to risks in the near term is Atlas' preexisting commitment to acquire four new 747 aircraft despite existing overcapacity. Financial risk is also heightened by substantial debt maturity requirements over the next few years.
International commercial air freight demand weakened sharply in 2001. No material improvement is expected this year although, over the longer term, growth prospects are still considered positive. The cyclical and price-competitive nature of the industry will remain a challenge for Atlas as will the matching of additional aircraft with contracts and the renewal and pricing of expiring contracts.
Ratings assume that Atlas will maintain current levels of liquidity over the near term and generate a gradual improvement in financial measures as industry fundamentals begin to strengthen. A protracted downturn in industry demand or difficulties in executing the new business strategy could lead to further financial pressures and could result in further downgrades.
Joined: May 2002
Posts: 8
Likes: 0
From: USA
74world
I guess some of you misunderstood my post.
I am not against Atlas pursuing a legitimate business plan. I do not dislike other pilots just because they happen to be from other parts of the world.
I love my job, and have for the past 28 years.
I am saddened to see my long time comrades lose their jobs.
I am saddened that our management team continually lies to our pilot group. I guess that is what they teach now at the Harvard business school, it seems to have become the norm in the airline industry here in the US.
Maybe I have just been unlucky, 2 bankrupt airlines and now this.
I guess some of you misunderstood my post.
I am not against Atlas pursuing a legitimate business plan. I do not dislike other pilots just because they happen to be from other parts of the world.
I love my job, and have for the past 28 years.
I am saddened to see my long time comrades lose their jobs.
I am saddened that our management team continually lies to our pilot group. I guess that is what they teach now at the Harvard business school, it seems to have become the norm in the airline industry here in the US.
Maybe I have just been unlucky, 2 bankrupt airlines and now this.
Joined: Apr 2002
Posts: 49
Likes: 0
From: europe
747world let me quote you :
"If you can't stand working for Atlas, then GO, there are thousand of pilots in the States that would love to take your job for half your salary"
Either you are some management guy posing as a pilot or you must hate your fellow pilots. In the later case i would refrain however from calling us fellows.
I dont think i stand alone when i say comments like yours make me sick.
"If you can't stand working for Atlas, then GO, there are thousand of pilots in the States that would love to take your job for half your salary"
Either you are some management guy posing as a pilot or you must hate your fellow pilots. In the later case i would refrain however from calling us fellows.
I dont think i stand alone when i say comments like yours make me sick.
Last edited by Fakawi; 18th May 2002 at 09:27.
Joined: May 2002
Posts: 284
Likes: 1
From: Europe
Silverthunder,
Unfortunately for you, "main line" Atlas is on the way out, since you are working for Atlas you must be aware that Polar have just received more A/C and are also employing, AACS has been sending a lot of guys to Miami for training (200 and 400)......
Polar WILL be flying in and out of the States
AACS WILL be doing the rest
If you want a secure job then transfer to Polar or AACS while you can........
Fly safe!
Unfortunately for you, "main line" Atlas is on the way out, since you are working for Atlas you must be aware that Polar have just received more A/C and are also employing, AACS has been sending a lot of guys to Miami for training (200 and 400)......
Polar WILL be flying in and out of the States
AACS WILL be doing the rest
If you want a secure job then transfer to Polar or AACS while you can........
Fly safe!
Joined: May 2002
Posts: 284
Likes: 1
From: Europe
Fakawi,
I am not sure where you come from or what you do, but you should know that people don't make a career in Atlas......
Atlas is a company that pays low, but they have given in the past 9 years, a chance to a lot of pilots to come straight from GA into a 747........
Do you know any other airline doing that????? I don't!!!!!
The deal is: "get your low salary, do your time, probably get a command within 12 months and go somewhere else".
if you ask me it's a pretty good deal!!!!!!!!!!!!!!
I am not sure where you come from or what you do, but you should know that people don't make a career in Atlas......
Atlas is a company that pays low, but they have given in the past 9 years, a chance to a lot of pilots to come straight from GA into a 747........
Do you know any other airline doing that????? I don't!!!!!
The deal is: "get your low salary, do your time, probably get a command within 12 months and go somewhere else".
if you ask me it's a pretty good deal!!!!!!!!!!!!!!
