No Green Card Necessary For Virgin America | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 11.13.17

Airborne-Unmanned 11.14.17

Airborne 11.15.17

AMA Drone Report 11.16.17

Airborne 11.10.17

Airborne-YouTube

Airborne 11.13.17

Airborne-Unmanned 11.14.17

Airborne 11.15.17

AMA Drone Report 11.16.17

Airborne 11.10.17

Tue, Jan 12, 2010

No Green Card Necessary For Virgin America

Airline Remains A 'U.S. Citizen', DOT Finds

The DOT announced last week that after conducting a thorough review it has found that Virgin America remains a U.S. citizen and remains under the actual control of U.S. citizens.  Under U.S. law, only airlines that meet the standards for U.S. citizenship may hold authority to operate as a U.S. airline.

DOT originally certified the airline's citizenship status in August 2007.  The air carrier later notified the Department of a significant potential shift in its shareholder makeup. As a result, DOT launched a review into whether the air carrier would continue to meet U.S. citizen requirements.

To meet the necessary standards, at least 75 percent of an air carrier's voting stock must be owned or controlled by U.S. citizens, the president and at least two-thirds of the board of directors and managing officers must be U.S. citizens, and the air carrier must be under the actual control of U.S. citizens. DOT examines a variety of factors to determine "actual control" based on the totality of circumstances in each case.

Following discussions between DOT and the air carrier, Virgin America agreed to make a number of changes to ensure that the air carrier would remain under the ownership and actual control of U.S. citizens. These changes include, among other things, provisions to ensure that new investments of capital from entities other than the Virgin Group - a collection of the United Kingdom companies and/or citizens that own 25 percent of the air carrier's stock - can and will be obtained. Virgin America also will add an additional U.S. citizen to its board, resulting in seven U.S. citizen investor designees as voting members on the nine-member board.

As part of the proposed transaction, Virgin America will obtain an additional $68.4 million in unsecured debt from its shareholders. This facility will further improve the liquidity of the company, positioning it for additional growth in 2010 and beyond.

"Today is a great day for airline competition, for our traveling guests and for our teammates," said Virgin America President and CEO David Cush in a news release following the announcement. "We're extremely pleased with the Department of Transportation's announcement. With this behind us, we intend to focus on what we do best: injecting new competition into markets as we grow, creating new jobs and delivering an unrivalled guest experience."

DOT also dismissed petitions by Alaska Airlines and the Aircraft Mechanics Fraternal Association for a public inquiry into Virgin America's citizenship.

FMI: www.regulations.gov

Advertisement

More News

Airborne 11.15.17: XCOR BK, V-22 Osprey Milestone, GAMA 3rd Quarter Stats

Also: UK Airport Cancellation, Gone West: Robert Wagstaff, EASA Certifies Bell 505, USN's 1st MQ-4C Triton This is a heartbreaker, as we were big fans of XCOR Aerospace -- which fi>[...]

Airborne-Unmanned 11.14.17: Drone Registration, AT&T's Flying COW, Pilot Charged

Also: Boeing Completes Acquisition, Drones For LAFD, DJI Seeks Transport Canada’s Help, Uber and NASA A defense authorization bill that includes a return to civilian drone re>[...]

AMA Drone Report 11.16.17: Drone Registration, Drone Journalists Jailed

Also: Terror Advisory, DRL Sim, SureFly Octocopter, Space Needle Drone Pilot, FAI-ASFC World Fly-In Expo A bill that includes a return to civilian drone registration has been inclu>[...]

AMA Drone Report 11.09.17: Commercial Drone Insurance, FAI Drone Races, DJI Quiz

Also: AR Drone Flight Sim, San Diego State Drone Lab, SkyPixel Photo Competition, AMA Regulatory Efforts More benefits are in the works for AMA members! This comes through the offe>[...]

Winter Haven, FL Airport Hosts Chinese Delegation

Group Learning About Non-Controlled Airports, GA And Seaplanes A delegation associated with the Civil Aviation Administration of China (CAAC) recently visited Winter Haven Airport >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC