Air Freight and Logistics
Company Overview of Polar Air Cargo LLC
Polar Air Cargo LLC operates as a air cargo carrier which offers cargo transportation services. The company is based in the United States. Polar Air Cargo, LLC operates as a subsidiary of Atlas Air Worldwide Holdings, Inc.
Key Executives for Polar Air Cargo LLC
Polar Air Cargo LLC does not have any Key Executives recorded.
Polar Air Cargo LLC Key Developments
Federal Express Corporation, United Parcel Service, and Polar Air Cargo Win $2 Billion Contract from Department of Defense's United States Transportation Command
Apr 27 17
Federal Express Corporation won $2 billion contract from Department of Defense's United States Transportation Command. The Department of Defense's United States Transportation Command awarded a government-wide package delivery services contract (Next Generation Delivery Services - NGDS) valued at over $2 billion, to Federal Express Corporation, United Parcel Service, and Polar Air Cargo(primary subcontractor DHL) on April 26, 2017. The government-wide contract is a best-in-class contract for domestic and international express small package delivery services, and domestic ground small package delivery services. Contract performance will begin Oct. 1, 2017. The contract represents the federal government's acquisition approach to consolidate federal package delivery contracts into one government-wide contract under the purview of DoD's U.S. Transportation Command, a specialized buyer of transportation services on a global scale. NGDS is a fundamental change in acquiring package delivery services and capitalizes on key principles: leveraging the federal government's buying power; reducing the number of contract vehicles; and strengthening demand management practices. The contract is a result of collaborative efforts of an interagency team of DoD and executive agency representatives, working together to design a government -wide solution based on the principles of category management.
Air Cargo Settlements Now Reach More Than $1.1 Billion
Jan 7 16
Kaplan Fox & Kilsheimer LLP announced a $100 million settlement subject to court approval between Polar Air Cargo LLC, f/k/a Polar Air Cargo, Inc., Polar Air Cargo Worldwide, Inc., and Atlas Air Worldwide Holdings, Inc. (Polar Air Cargo) and a plaintiff class in re: Air Cargo Shipping Services Antitrust Litigation, 06-MD-1775 (JG) (VVP), a multi-district litigation pending in the Eastern District of New York. To date, plaintiffs have entered into settlements with 25 defendant groups totaling $1.14 billion, of which settlements with 22 defendant groups for $848 million have been granted final approval by the court. This litigation is still pending against three defendant groups, including Air China Ltd. and Air China Cargo Co. Ltd., Air India Ltd. and Air New Zealand Ltd.
Polar Air Cargo LLC Reaches Settlement Agreement in U.S. Cargo Antitrust Class Action
Jan 7 16
Polar Air Cargo LLC confirmed that it, along with Polar Air Cargo Worldwide, Inc. and Atlas Air Worldwide Holdings, Inc. has entered into a settlement agreement in a previously disclosed antitrust class action lawsuit in the United States. The industry-wide litigation arose from allegations about the pricing practices of a number of air cargo carriers on routes to and from the United States from January 2000 through September 2006. The settlement agreement resolves all claims against the Companies by participating members in the class action. The Companies continue to deny any wrongdoing or liability, and there is no admission of any wrongdoing or liability in the settlement agreement. Pursuant to the settlement agreement, Polar LLC has agreed to make installment payments over three years to settle the class action, with payments of $35 million due on or before January 15, 2016, $35 million on or before January 15, 2017, and $30 million on or before January 15, 2018. The payments are expected to be funded from cash available on hand. Atlas Air Worldwide expects to record an expense for the full amount of the Polar LLC settlement in the fourth quarter of 2015, which should total approximately $2.60 per diluted share on an after-tax basis. Excluding this impact, the settlement does not affect Atlas Air Worldwide’s previously issued adjusted earnings outlook for 2015, nor does the settlement affect other related litigation or the company’s ongoing business operations. The settlement agreement is subject to approval and acceptance by the United States District Court for the Eastern District of New York.
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