Anyone care to translate this? If it is real, I don't think I like the sound of it. the dark lord, DHL, strikes again...
Form 8-K for AIR TRANSPORT SERVICES GROUP, INC.
5-Feb-2009
Entry into a Material Definitive Agreement, Change in Director
Item 1.01. Entry into a Material Definitive Agreement
On December 31, 2007, Air Transport Services Group, Inc. (formerly "ABX Holdings, Inc.") ("ATSG"), ABX Air, Inc. ("ABX Air") and certain former shareholders of Cargo Holdings International, Inc. (the "Significant Shareholders") entered into a Securities Purchase Agreement, pursuant to which the Significant Shareholders may loan ATSG and ABX Air $61 million (the "Significant Shareholder Loans"). Also on December 31, 2007, ATSG, ABX Air, the Significant Shareholders and Wells Fargo Bank, National Association (the "Escrow Agent") entered into an Escrow Agreement pursuant to which the Significant Shareholders deposited the $61 million into an escrow account (the "Escrowed Funds"). The Escrowed Funds may only be used to pay off a portion of the Note, dated August 15, 2003, in the original principal amount of $92,948,714, originally issued by ABX Air to Airborne, Inc. (now DHL) (the "DHL Note"). The Escrow Agreement originally provided that the Escrowed Funds would be available to ATSG and ABX Air until April 29, 2008, which period could be extended until July 29, 2008 under certain circumstances (the "Funding Deadline"), if DHL demanded prepayment of the DHL Note prior to the Funding Deadline. On January 14, 2008, ABX Air received a demand for prepayment of the DHL Note from DHL. However, ABX Air did not then, and has not, made a draw upon the Escrowed Funds because it does not believe, and disputes, that DHL has the right to demand prepayment. On March 17, 2008, ATSG, ABX Air and the Significant Shareholders entered into a First Amendment to Escrow Agreement, in which they extended the Funding Deadline until January 31, 2009.
On January 30, 2009, DPWN Holdings (USA), Inc. and ABX Air entered into a tolling agreement pursuant to which DHL agreed that it would not, for a period of 30 days from that date, renew its demand or otherwise take any action with respect to the DHL Note (the "Tolling Agreement"), while the parties discuss various business matters, including the status of the DHL Note.
Thereafter, on January 31, 2009, ATSG, ABX Air and the Significant Shareholders entered into a Second Amendment to Escrow Agreement, in which they extended the Funding Deadline until February 6, 2009, at 12:00 Noon EST. ATSG and ABX Air also agreed that they would not terminate, waive or agree to amend or modify any of the provisions of the Tolling Agreement without the express prior written consent of the Significant Shareholders.
Form 8-K for AIR TRANSPORT SERVICES GROUP, INC.
5-Feb-2009
Entry into a Material Definitive Agreement, Change in Director
Item 1.01. Entry into a Material Definitive Agreement
On December 31, 2007, Air Transport Services Group, Inc. (formerly "ABX Holdings, Inc.") ("ATSG"), ABX Air, Inc. ("ABX Air") and certain former shareholders of Cargo Holdings International, Inc. (the "Significant Shareholders") entered into a Securities Purchase Agreement, pursuant to which the Significant Shareholders may loan ATSG and ABX Air $61 million (the "Significant Shareholder Loans"). Also on December 31, 2007, ATSG, ABX Air, the Significant Shareholders and Wells Fargo Bank, National Association (the "Escrow Agent") entered into an Escrow Agreement pursuant to which the Significant Shareholders deposited the $61 million into an escrow account (the "Escrowed Funds"). The Escrowed Funds may only be used to pay off a portion of the Note, dated August 15, 2003, in the original principal amount of $92,948,714, originally issued by ABX Air to Airborne, Inc. (now DHL) (the "DHL Note"). The Escrow Agreement originally provided that the Escrowed Funds would be available to ATSG and ABX Air until April 29, 2008, which period could be extended until July 29, 2008 under certain circumstances (the "Funding Deadline"), if DHL demanded prepayment of the DHL Note prior to the Funding Deadline. On January 14, 2008, ABX Air received a demand for prepayment of the DHL Note from DHL. However, ABX Air did not then, and has not, made a draw upon the Escrowed Funds because it does not believe, and disputes, that DHL has the right to demand prepayment. On March 17, 2008, ATSG, ABX Air and the Significant Shareholders entered into a First Amendment to Escrow Agreement, in which they extended the Funding Deadline until January 31, 2009.
On January 30, 2009, DPWN Holdings (USA), Inc. and ABX Air entered into a tolling agreement pursuant to which DHL agreed that it would not, for a period of 30 days from that date, renew its demand or otherwise take any action with respect to the DHL Note (the "Tolling Agreement"), while the parties discuss various business matters, including the status of the DHL Note.
Thereafter, on January 31, 2009, ATSG, ABX Air and the Significant Shareholders entered into a Second Amendment to Escrow Agreement, in which they extended the Funding Deadline until February 6, 2009, at 12:00 Noon EST. ATSG and ABX Air also agreed that they would not terminate, waive or agree to amend or modify any of the provisions of the Tolling Agreement without the express prior written consent of the Significant Shareholders.