Newsroom

Welcome to West Atlantic newsroom. Here you will find West Atlantic news and press releases, as well as contact information to our media spokespeople.

On 7 November 2017, West Atlantic AB (publ) (the “Company”) announced in a press release that the Company planned to initiate a written procedure in accordance with the terms and conditions of its outstanding bonds, where bondholders would be requested to approve a waiver, during a certain period, regarding the undertaking to fulfil the “Maintenance Test”, and that a notice to the written procedure would be sent to bondholders in due course. The Company still plans to initiate such a written procedure, but after feedback from some of its bondholders and ongoing discussions with potential external investors, the Company has decided to postpone such notice to a written procedure until further notice.

As communicated by West Atlantic AB (publ) (the “Company”) in a press release dated 2 November 2017, the Company did not as per 30 September 2017 fulfil the “Maintenance Test” as stipulated in the terms and conditions of the Company’s outstanding bond loan (the “Terms and Conditions”). The Company has decided to initiate a written procedure in accordance with the Terms and Conditions where bondholders will be requested to approve to waive, during a certain period, the undertaking to fulfil the Maintenance Test. More information about the background to the request is found in the appendix attached to this press release. The further conditions for such waiver and the written procedure will be included in the notice to the written procedure, which will be sent to bondholders in due course.

West Atlantic AB (publ) has during 2017 reported negative results, to a great extent due to high start-up costs caused by delayed deliveries of aircraft for the new Royal Mail contract, which is the company´s largest contract ever with revenues of around 3 billion SEK during the 5 year contract term. These delays caused the company to sub-charter aircraft from other airlines, and incur double the cost for many items during the period January-September 2017. The losses have been reported in the Q1 and Q2 interim reports, and have continued during Q3 reducing the equity and liquidity. As a consequence, the company does not fulfill the “Maintenance Test” as per September 30, 2017 as stipulated in The Terms and Conditions (published on the company’s webpage www.westatlantic.eu) of the company’s corporate bond loan.

West Atlantic Interim Report Q2, 2017 Published

West Atlantic Airlines, a European dedicated cargo airline specialised in mail and express freight, has agreed to lease four 737-800 Freighters from GE Capital Aviation Services (GECAS). The airline will be the first operator to take delivery of the Boeing standard-body converted freighter. GECAS launched the program and provided the prototype aircraft to Boeing in 2016.

West Atlantic Interim Report Q1, 2017 Published

West Atlantic publishes Annual Report for 2016

West Atlantic Interim Report Q4, 2016 Published

West Atlantic Interim Report Q3, 2016 Published

Nordic Trustee & Agency AB (publ), in its capacity as Agent, has agreed to approve a written request for waiver by West Atlantic AB (publ) relating to the dismantling of six under-used aircraft of the model Bae ATP, which are currently subject to Transaction Security.