“Congress intended for these taxpayer funds to save jobs, not to provide windfalls to thriving businesses,” Clyburn wrote. Atlas Air’s technologically advanced fleet offers flexible, creative, and award-winning solutions that meet your unique needs—quickly, safely, reliably. What’s worse, 1) feeding money to Atlas which is largely owned and fully controlled by DHL (a German entity) while watching their stock options quadruple, 2) bailing out bottom feeders (Kalitta and Western) who plow their profits into their management pockets, or, 3) keeping afloat the very profitable PE backed (ZS Fund owned) Amerijet which has been making $25M+ annually for years while overcharging customers for fuel, etc. The Subcommittee pointed to a large increase in adjusted net income, rather than a more comprehensive measure of the company’s operations. Your email address will not be published. That’s why at Atlas Air, we don’t just transport your product, we partner with you to meet your unique requirements and solutions. During the early stages of the pandemic, Atlas Air played a critical role in Project Airbridge, the emergency airlift organized by the Federal Emergency Management Agency to deliver personal protective equipment to COVID hot spots. The National Air Carrier Association, which represents 18 air carriers, including the four under fire from the House Oversight Committee, has urged Congress to extend the PSP through stand-alone legislation. It also cited a Bloomberg report that the airline is cashing in on junk bonds that will lead to a large tax break and potentially keep the company union free. Serving the global freight industry with the fastest and most comprehensive news insights and market data on the planet. Join us next week for 3 full days of freight-mania! A spokesperson for the company did not return messages seeking comment. It is mandatory to procure user consent prior to running these cookies on your website. A special inspector general monitoring distribution of pandemic relief has questioned whether such double-dipping is appropriate after the Post found 202 aviation companies took money from both programs. (Correction: An earlier version of this story said Atlas had fewer than 11 passenger aircraft.). In July, Kalitta secured a two-year contract award from the U.S. All-cargo airlines, however, have never been busier. “The level of payroll support proceeds granted to us under the CARES legislation was based solely on the pandemic-related reductions in the passenger operations at two of our airlines. © Copyright 2020, All Rights Reserved, FreightWaves, Inc, House Democrats try to claw back COVID aid from cargo airlines. But opting out of some of these cookies may have an effect on your browsing experience. Passenger airlines, forced to cancel most flights when the coronavirus destroyed travel demand, are losing billions of dollars each quarter and don’t expect sales to return to last year’s level for at least three years. The unique planes carry cargo and people on the main deck, separated by a special rigid bulkhead. The company’s stock has quadrupled in value since bottoming in mid-March and its outlook calls for adjusted full-year net income to be double that in 2019. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The company is scheduled to report third quarter earnings on Nov. 5. It said Kalitta is benefiting from very high airfreight rates. Click the "CC" button in the bottom right to activate while programming is live. Our Story. The select subcommittee gave the airlines until Monday to return the funds to the Treasury Department. That’s why at Atlas Air, we don’t just transport your product, we partner with you to meet your unique requirements and solutions. You also have the option to opt-out of these cookies. An award-winning business journalist with extensive experience covering the logistics sector, Eric spent nearly two years as the Washington, D.C., correspondent for Automotive News, where he focused on regulatory and policy issues surrounding autonomous vehicles, mobility, fuel economy and safety. This website uses cookies to improve your experience while you navigate through the website. On Twitter, they said Atlas executives were self-serving by taking the bailout money. It seems almost criminal what they did, taking federal funding, while simultaniously securing goverment contract and sending profits through the roof while the entire nation is suffering.

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