"CGO" Stock trading suspended

[Icebergclub]

This aint good.............


From the NYSE site:

NYSE to Suspend Trading in Atlas Air Worldwide Holdings, Inc. and Moves to Remove from the List

NEW YORK, September 8, 2003 -- The New York Stock Exchange announced today that it determined that the common stock of Atlas Air Worldwide Holdings, Inc. (the "Company") – ticker symbol CGO - should be suspended immediately. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE staff’s decision.

The decision was reached in view of the Company’s previously announced liquidity and financial difficulties, including the current forbearance agreement with the holders of a majority of its Class A Enhanced Equipment Trust Certificate Obligations. In addition, the NYSE considered the Company’s delay in completing its current financial statement filing requirements, including, among other things, the previously announced restatement of its 2001 and 2000 financial statements.

The NYSE notes that it may make an appraisal of, and determine on an individual basis, the suitability for continued listing of an issue in light of all pertinent facts and circumstances whenever it deems such action appropriate. In addition, the NYSE may, at any time, suspend a security if it believes that continued dealings in or listing of the security on the NYSE are not advisable.



Contact: Robin Verhose
Phone: 212.656.2088
Email: [email protected]

 

[Icebergclub]

Message from the Company......

News Release:

New York Stock Exchange suspends trading of Atlas Air Worldwide Holdings stock

A message from CFO David Lancelot:


The New York Stock Exchange (NYSE) informed us today that it has suspended trading of Atlas Air Worldwide Holdings common stock, effective immediately. Trading of our stock was first halted this morning pending this announcement.


The NYSE’s decision was based on several factors, including the company’s previously announced delay in meeting current financial statement filing requirements. The company is now considering whether to exercise its right to appeal the NYSE’s decision.


The NYSE requires member companies to meet a number of criteria to maintain their listing on the Exchange, including issuing quarterly financial results, an annual report and three years of audited financial statements -- all of which we have been unable to provide due in large part to the ongoing re-audit.


Despite our best efforts to work with the Exchange during the re-audit process and keep them informed of developments, they have made this decision, announced in a press release, to suspend the trading of our stock.


I know this is difficult news for all employees because many of you have invested in company stock. However, given the challenges we face and the mounting pressure on the NYSE to take action on a number of companies below compliance level, the action taken today is not unexpected. In fact, an article in today's Wall Street Journal cited a number of companies currently not in compliance.


The fact that trading of our common stock has been halted does not affect our operations or our ability to meet the demands of our customers. In fact, we are in the midst of what appears to be a robust peak season, and this decision will not change that outlook.

 

[ATR-DRIVR]

Iceburg,
any ideas what the outlook for you and Polar might be? Hopefully all good.