Transportation Industry
Order to Repay 9/11 Aid To Cost FedEx $48 Mln.
Transport Topics, November, 2004 by Anonymous
FedEx Corp., the No. 2 U.S. package carrier, will have $48 million in eosts during its fiscal second quarter because it must repay some of the federal aid received after the 9/11 terrorist attacks, the company said.
The Department of Transportation determined that FedEx should receive $72 million, rather than the $101 million the United States provided in 2001, FedEx said in a statement. The company will repay the $29 million difference and write off an additional $19 million it had hoped to collect lrom the government. FedEx will "vigorously contest" the ruling, the statement said.
Freight carriers such as FedEx and its larger competitor, UPS Inc., and passenger airlines such as AMR Corp. s American were paid at least $5 billion after the Sept. 11, 2001, terrorist...
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