[Federal Register Volume 62, Number 128 (Thursday, July 3, 1997)]
[Notices]
[Pages 36089-36090]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17489]
-----------------------------------------------------------------------
DEPARTMENT OF TRANSPORTATION
Surface Transportation Board
[STB No. MC-F-20911]
Greyhound Lines, Inc.--Control--Valley Transit Company, Inc.
AGENCY: Surface Transportation Board.
ACTION: Notice tentatively approving finance transaction.
-----------------------------------------------------------------------
SUMMARY: Greyhound Lines, Inc. (Greyhound or applicant) has filed an
application under 49 U.S.C. 14303 to acquire control of Valley Transit
Company, Inc. (Valley).1 Persons wishing to oppose the
application must follow the rules under 49 CFR part 1182, subpart B.
The Board has tentatively approved the transaction, and, if no opposing
comments are timely filed, this notice will be the final Board action.
\1\ Greyhound will also be purchasing certain noncarrier
properties controlled by the stockholders of Valley, i.e., Valley
Bus Company, Inc., Valley Express Co., Inc., Valley GMC Truck
Company, Valley Bus Service Company, First Texas Commercial, Inc.,
Valley Garage, Inc. VDR Services, Inc., First Bus Corporation, and
Motor Coach Leasing Co., Inc.
---------------------------------------------------------------------------
DATES: Comments are due by August 18, 1997. Applicant may reply by
September 2, 1997. If no comments are received by August 18, 1997, this
notice is effective on that date.
ADDRESSES: Send an original and 10 copies of any comments referring to
STB Docket No. MC-F-20911 to: Surface Transportation Board, Office of
the Secretary, Case Control Unit, 1925 K Street, N.W., Washington DC
20423-0001. In addition, send one copy of any comments to applicant's
representative: Fritz R. Kahn, Suite 750 West, 1100 New York Avenue,
N.W., Washington, DC 20005-3934.
FOR FURTHER INFORMATION CONTACT: Joseph H. Dettmar, (202) 565-1600.
(TDD for the hearing impaired (202) 565-1695.)
SUPPLEMENTARY INFORMATION: Greyhound is a motor passenger carrier
operating nationwide, scheduled regular-route service. Valley is also a
motor passenger carrier, operating scheduled, regular-route service in
the State of Texas.
[[Page 36090]]
Under the proposed transaction, Valley will remain a separate
corporation but become a wholly owned subsidiary of Greyhound.
Greyhound currently has an action before the Board to acquire Carolina
Coach Company, Inc., Kannapolis Transit Company, and Seashore
Trailways. Greyhound also controls Texas, New Mexico & Oklahoma
Coaches, Inc., Continental Panhandle Lines, Inc., Vermont Transit
Company, Inc., Los Rapidos, Inc., and Grupo Centro, Inc. (Grupo), each
of which is a regional motor passenger carrier.
Applicant asserts that the aggregate gross operating revenues of
Greyhound and its affiliates exceeded $2 million during the twelve
months preceding the filing of this application (the minimum gross
operating revenues required to trigger section 14303). Applicant also
states that the proposed transaction will have no competitive effects,
and that the operations of the carriers involved will remain unchanged;
that the total fixed charges associated with the proposed transaction
are well within Greyhound's financial means; and that there will be no
change in the status of any employees of Valley, and only minimal
changes in the status of a few Greyhound employees. According to
applicant, the affected Greyhound employees will be accommodated
pursuant to the collective bargaining agreements with the unions
representing them. Thus, applicant asserts, because no employees will
be adversely affected, no conditions need be attached for their
protection.
Applicant certifies that the pertinent carrier parties have
satisfactory safety fitness ratings (including Greyhound's affiliates,
except Grupo, a newly organized motor carrier); that Greyhound and
Valley maintain sufficient liability insurance and are neither
domiciled in Mexico nor owned or controlled by persons of that country;
and that approval of the transaction will not significantly affect
either the quality of the human environment or the conservation of
energy resources. Additional information may be obtained from
applicant's representative.
Under 49 U.S.C. 14303(b), we must approve and authorize a
transaction we find consistent with the public interest, taking into
consideration at least: (1) The effect of the transaction on the
adequacy of transportation to the public; (2) the total fixed charges
that result; and (3) the interest of affected carrier employees.
On the basis of the application, we find that the proposed
acquisition of control is consistent with the public interest and
should be authorized. If any opposing comments are timely filed, this
finding will be deemed as having been vacated and a procedural schedule
will be adopted to reconsider the application. If no opposing comments
are filed by the expiration of the comment period, this decision will
take effect automatically and will be the final Board action.
This decision will not significantly affect either the quality of
the human environment or the conservation of energy resources.
It is ordered:
1. The proposed acquisition of control is approved and authorized,
subject to the filing of opposing comments.
2. If timely opposing comments are filed, the findings made in this
decision will be deemed as having been vacated.
3. This decision will be effective on August 18, 1997, unless
timely opposing comments are filed.
4. A copy of this notice will be served on the Department of
Justice, Antitrust Division, 10th Street and Pennsylvania Avenue, N.W.,
Washington DC 20530.
Decided: June 24, 1997.
By the Board, Chairman Morgan and Vice Chairman Owen.
Vernon A. Williams,
Secretary.
[FR Doc. 97-17489 Filed 7-2-97; 8:45 am]
BILLING CODE 4915-00-P