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1975 - December DOT Ord. & Dec. [1] (December, 1975)

handle is hein.usfed/dotod0590 and id is 1 raw text is: UNITED STATES OF AMERICA CIVIL AERONAUTICS BOARD WASHINGTON, D.C. I3I IIMIgUNrID IMIR i m .... ...... ....I 'THE FLYING TIGER LINE INC. AND 1 TRANSMERIDIAN AIR CARGO LIMITED ET AL., CONTROL RELATIONSHIPS Docarr 24311 Order 75-12-1 Adopted by the Civil Aeronautics Board at its office in Washington, D.C. on the 1st day of December, 1975 Application of The Flying Tiger Line Inc. for approval of change of control relationship with Transmeridian Air Cargo Limited et al. pursuant to order 75-1-108, January 27, 1975 ORDER OF APPROVAL By order 75-1-108, January 27, 1975, the Board approved, (1) under section 408 of the Federal Aviation Act of 1958, as amended (the Act), the leasing by Transmeridian Air Cargo Limited, et al. (TMAC),1 with option to purchase, of seven CL-44 aircraft and 36 engines from The Flying Tiger Line Inc. (FTL), and (2) the acquisition of control of TMAC by FTL to the extent that it exists by reason of the creditor- debtor relationship inherent in the transaction arrangements between FTL and TMAC. Ordering paragraph 3(c) of that order imposed a con- dition upon the Board's approval, under section 408 of the Act, which provides that changes in the debtor-creditor or other control relationships between FTL and TMAC, other than pursuant to the transactions as approved therein, shall be subject to prior Board ap- proval.' Basically, the applicants request that the Board approve, pursuant to paragraph 3(c) of order 75-1-108, the new control relationship between FTL and TMAC which arises by reason of various agreements among the parties, dated October 28, 1974, which restructure the basis for the debtor-creditor relationship between them.3 Under the restructured arrangements, according to the applicants, various basic agreements heretofore in effect between FTL and TMAC will be terminated,4 and FTL will forgive any outstanding obligations 'TMAC refers to a combine of interests, including Transmeridian Air Cargo Limited (TMA), Transworld Leasing Ltd. (TWL), British Air Ferries (BAF), and Mr. T. D. Keegan. I Order 75-1-108 also approved, under sec. 412 of the Act, the arrangements whereby FTL would provide spare parts to TMAC. I Airlines Air Spares Limited (AAS), not a party to the original proceeding, is the parent company of the TMAC group. AAS has become a party to the new arrangements and has submitted to the Board's jurisdiction. According to the applicants, the agreements which the parties have agreed to ter- minate are the Primary Agreement, Master Lease, Consignment Parts Agreement, and a Trust Agreement between FTL and The City Trustee and Management Company (London) Limited (CTMC). DOCKET 24311 ORDER 75-12-1

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