Huge airfreight company, doing record business, refuses to pay back Covid funds
(From FreightWaves.com)
Atlas Air Worldwide Holdings (NASDQ: AAWW) last week reported an eightfold increase in adjusted net income and 25% more revenue in the third quarter compared to last year, but will not return $406 million in emergency coronavirus aid the U.S. government intended for financially battered airlines to retain workers.
The all-cargo carrier and aircraft lessor fully qualified for the federal funds because there was no guarantee the airfreight market would flourish at the time, the program wasn’t needs-based and the money went toward employee compensation, as Congress intended in the CARES Act enacted in March, CEO John Dietrich insisted during a conference call with analysts to discuss financial results.
This article was originally posted here: https://www.ac2news.com/2020/11/huge-airfreight-company-doing-record-business-refuses-to-pay-back-covid-funds/.
