GREYHOUND RESTRUCTURING APPROVED
By Adnews Staff
Minority shareholders of Calgary-based Greyhound Lines of Canada have approved a restructuring that could help the bus company launch an airline service even if a court appeal falls through. Greyhound has split itself into two companies: intercity bus operator Greyhound Canada Transport, and tour bus company Brewster Transport Co. Under a cash and share swap deal, the former controlling shareholder of Greyhound, Dial Corp. of Phoenix, Arizona will take over Brewster and sell its 68.5% share in the old Greyhound to Canadian investors. With Canadian ownership, Greyhound has a better chance of running an airline; federal laws require domestic ownership. Greyhound was to launch its airline on May 22, but the National Transportation Agency grounded the venture because the company doesn't have an airline licence. Greyhound is appealing the NTA decision in court on July 24. Greyhound argues that it doesn't need one because it is not operating as an airline but rather as a charter service. The planes are being flown by Kelowna Flightcraft Air Charter, which has a license.