CEO says Flair Airlines meets federal rules as it works to repay debt owed to US shareholder

The CEO of Flair Airlines argued on Thursday the Edmonton-based company meets federal regulations amid a review by the Canadian Transportation Agency. On March 3, the CTA raised concerns about the possibility that Flair Airlines' Canadian shareholders did not have full control of the company and that shareholder 777 Partners, based in Miami, Fla., exerted too much power. In order to be a licensed domestic airline, Flair Airlines must be incorporated in Canada and at least 51 per cent of voting shares must be owned and controlled by Canadians, according to the CTA. Flair Airlines is incorporated in B.C. and 58% of voting shares are owned by Canadians, CEO Stephen Jones said on Thursday. However, Jones said the CTA told Flair Airlines its unanimous shareholders agreement did not show Canadian control "explicitly enough." Jones said Flair Airlines accepted that the document, created in 2018, needed revisions to clarify that, and in consultation with CTA, the company made amendments and "the CTA has confirmed to Flair that these amendments address all of the corporate governance concerns that it has raised."<br/>