Manufacturing Industry
Atlas enters into order to settle FAA complaint over 747-200 Freighter
Airline Industry Information, April 14, 2008
AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD
A stipulated order of settlement and dismissal has been entered into by Atlas Air Inc (Atlas), a subsidiary of Atlas Air Worldwide Holdings Inc (AAWW) (Nasdaq:AAWW), with the US Federal Aviation Administration (FAA) relating to a maintenance issue which occurred in May 2006 concerning a weld to an engine exhaust nozzle on one of Atlas's 747-200 Freighter aircraft.
The company said, subsequent to the alleged incident, the matter is being resolved following discussions between Atlas, the FAA and the US Attorney's Office, with the terms submitted to the federal court for approval.
Atlas has reportedly agreed to a USD95,000 payment in full and final compromise of the FAA's complaint, following the terms of the settlement and without admitting or denying any violation of the FAA required maintenance requirements.
AAWW confirmed that it works under the oversight of, and in coordination with, the FAA to ensure it meets or exceeds the FAA's regulatory requirements and procedures and confirmed its commitment to operating safe aircraft. It claimed the alleged incident was a one-time event which occurred two years ago and does not reflect the company's continuing commitment to high levels of aircraft safety and maintenance.
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