This is a do the Lorentz transform situation.
We have two moving frames: $S'_{\pm}$, moving at $\pm v_0$. And a stationary ATC frame, $S$. They're all at the same spatial point at $t=t'_+=t'_-=0$.
In $S$, $t$ ticks away as the planes move along the world lines:
$$x_{\pm}(t) = (t,x_{\pm}) = (t, \pm v_0 t)$$
Let's transform $x_{\pm}(t)$ in $S'_{\pm}$.
First the position:
$$ x'_{\pm}=\gamma(x_{\pm}-(\pm v_0 t))$$
$$ x'_{\pm}=\gamma(\pm v_0 t -(\pm v_0 t))$$
$$ x'_{\pm} =0 $$
Meaning, the planes remain at the origin of their coordinate system in which they are rest. Good.
Now the time coordinate:
$$ t'_{\pm} =\gamma_0\big(t -(\pm v_0)x_{\pm})\big)$$
$$ t'_{\pm} =\gamma_0\big(t -(\pm v_0)(\pm v_0 t)\big)$$
$$ t'_{\pm} =\gamma_0(t - v^2_0t))$$
$$ t'_{\pm} =t \times \gamma_0(1 - v^2_0))=t\gamma_0\gamma_0^{-2}$$
$$ t'_{\pm} =t/\gamma_0 $$
So both plane clocks tick slower than the ATC clock, being dilatedly $\gamma_0 = 1/\sqrt{1-v_0^2}$.
Now we pick a plane and have it look at the other plane. The relative velocity of $S'_{\pm}$ in $S'_{\mp}$ is:
$$ v_1^{\pm} = \frac{\pm v + \pm v}{1+(\pm v)(\pm v)}$$
$$ v_1^{\pm} = \frac{\pm 2v_0}{1+v_0^2}$$
Now take the coordinate of the other $\mp$ plane as seen from $S'_{\pm}$ at time $t'_{\pm}$:
$$ x'_{\pm}(t'_{\pm}) = (t'_{\pm}, \mp v_1 t'_{\pm}) $$
and transform it to $S'_{\mp}$.
I'll leave that as an exercise. The answer is:
$$ t'_{\mp} = t'_{\pm}/\gamma_1 $$
showing that each plane sees the other's clock running slower.
This is really is the first paradox of time dilation, and the resolution to the apparent contradiction (of course there is no actual contradiction), is that when $S'_{\pm}$ is looking at $S'_{\mp}$'s clock, it's not the same time that $S'_{\mp}$ is looking at $S'_{\mp}$'s clock. The relativity of simultaneity matters.