Jan 17 Atlas Air Worldwide Holdings Inc
, a provider of outsourced aircraft and aviation
operating services, said British Airways Plc terminated a lease
agreement ahead of schedule.
Atlas Air shares fell as much as 19 percent in early trading
The company said the lease for three 747-8 freighter
aircraft operated by Atlas' UK subsidiary Global Supply Systems
Ltd (GSS) was terminated, following British Airways' decision to
exit dedicated cargo-freighter service.
GSS was operating the three aircraft for British Airways and
the lease agreement was originally scheduled to end in April
Atlas Air said it would receive early termination fees from
British Airways. GSS will redeliver the aircraft to Atlas Air.
The company's shares were down 15 percent at $36.94 on the
Nasdaq on Friday morning.
(Reporting by Rohit T. K. in Bangalore; Editing by Joyjeet Das)