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76-469: Dan-Air (legally Dan Air Services Limited ) was an airline based in the United Kingdom and a wholly owned subsidiary of London -based shipbroking firm Davies and Newman . It was started in 1953 with a single aircraft. Initially, it operated cargo and passenger charter flights from Southend (1953–1955) and Blackbushe airports (1955–1960) using a variety of piston-engined aircraft before moving to

152-405: A corporate , although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. A parent company does not have to be the larger or "more powerful" entity; it is possible for the parent company to be smaller than a subsidiary, such as DanJaq , a closely held family company, which controls Eon Productions , the large corporation which manages

228-560: A BAe 146. Innsbruck was the airline's first scheduled destination in Austria , which began receiving commercial jetliners on a scheduled basis for the first time. Nineteen eighty-five was also the year Dan-Air launched a year-round Manchester–Newcastle– Oslo scheduled route, the company's first scheduled services to the Norwegian capital. In 1986, Dan-Air launched a year-round non-stop Manchester–Amsterdam scheduled service. In 1987, Dan-Air began

304-511: A bond issuer wishes to rebook a 30-year bond at the 25th year, they must pay a premium. If a bond is called, it means that less interest is paid out. Failure to pay a bond effectively means bankruptcy. Bondholders who have not received their interest can throw an offending company into bankruptcy, or seize its assets if that is stipulated in the contract. In the United States , debenture refers specifically to an unsecured corporate bond, i.e.

380-533: A bond that does not have a certain line of income or piece of property or equipment to guarantee repayment of principal upon the bond's maturity . Where security is provided for loan stocks or bonds in the US, they are termed "mortgage bonds". In the United Kingdom a debenture is usually secured. In Canada, a debenture refers to a secured loan instrument where security is generally over the debtor's credit, but security

456-703: A capital of £5,000. To emphasise that this was a British rather than a Danish company, the airline's aircraft displayed the suffix "London" with the Dan-Air name on both sides of the fuselage . This convention was followed until a year before Dan-Air's takeover by British Airways, when the "London" suffix was dropped from fuselage titles. Dan-Air's first commercial service – an ad hoc charter flight from Southend via Manchester to Shannon – occurred in June 1953. Operations initially continued from Meredith's old base at Southend Airport, where Meredith managed Dan-Air's operations for

532-579: A change in senior management and strategy by the early 1990s. Following unsuccessful attempts to merge Dan-Air with a competitor, the ailing airline was sold to British Airways in 1992 for the nominal sum of £ 1. Dan-Air's parent Davies and Newman had been engaged in shipbroking in the City of London since 1922. It subsequently diversified into air charter broking from an office at London's Baltic Mercantile and Shipping Exchange . Amongst Davies and Newman's clients for whom it acted as an air charter broker

608-440: A debenture has proved elusive. The English commercial judge, Lord Lindley , notably remarked in one case: "Now, what the correct meaning of 'debenture' is I do not know. I do not find anywhere any precise definition of it. We know that there are various kinds of instruments commonly called debentures." Debentures gave rise to the idea of the rich "clipping their coupons", which means that a bondholder will present their "coupon" to

684-476: A definition that provides that "control" is "the capacity of an entity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of another entity so as to enable that other entity to operate with it in pursuing the objectives of the controlling entity". This definition was adapted in the Australian Corporations Act 2001 : s 50AA. Furthermore, it can be

760-404: A joint arrangement (joint operation or joint venture) over which two or more parties have joint control (IFRS 11 para 4). Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. The Companies Act 2006 contains two definitions: one of "subsidiary" and

836-432: A judgment against the parent if they can pierce the corporate veil and prove that the parent and subsidiary are mere alter egos of one another. Thus any copyrights, trademarks, and patents remain with the subsidiary until the parent shuts down the subsidiary. Ownership of a subsidiary is usually achieved by owning a majority of its shares . This gives the parent the necessary votes to elect their nominees as directors of

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912-499: A large fleet comprising aircraft of various sizes gave the airline unrivalled flexibility among European charter carriers to meet the requirements of different tour operators. In the UK, Dan-Air was second only to British Airways in fleet size. For most of this period, Dan-Air had more than 50 aircraft, employed about 3,000 and by the end of the 1980s carried 6 million passengers annually, almost one-third on scheduled services. Dan-Air marked

988-509: A more comfortable seating arrangement as opposed to the then prevailing "high-density" configurations on most UK charter aircraft. Dan-Air operated the first commercial flight to Tegel's new terminal building on 1 November 1974 at 6am with a One-Eleven inbound from Tenerife . Dan-Air operated its first seasonal scheduled service during summer 1956 between Blackbushe and Jersey. It operated its first year-round scheduled service in 1960, linking Bristol and Cardiff with Liverpool . That service

1064-498: A new base at Gatwick Airport in 1960, followed by expansion into inclusive tour (IT) charter flights and all-year round scheduled services. The introduction of two de Havilland Comet series 4 jet aircraft in 1966 made Dan-Air the second British independent airline after British United Airways to begin sustained jet operations. The early 1970s saw the acquisition of a pair of Boeing 707 long-haul jets for use on affinity group and Advance Booking Charter flights to Canada and

1140-503: A scheduled Manchester–Zürich service. In May 1984, Dan-Air began stationing an aircraft in Jersey, increasing the frequency of its scheduled service to Gatwick and converting it into a year-round operation. In addition, 1984 was the year Metropolitan took over Dan-Air's remaining Link City schedules between Bristol, Cardiff, Leeds and Glasgow. In 1985, Dan-Air inaugurated a seasonal scheduled route linking Gatwick with Innsbruck , operated with

1216-653: A scheduled route from Gatwick to Strasbourg . 1978, Dan-Air's silver jubilee , saw the launch of a scheduled service linking Gatwick with Bergen. In November 1979, Dan-Air replaced British Airways as scheduled carrier between Gatwick and Aberdeen, a feeder route for the oil industry. 1979 also saw the launch of a Gatwick– Toulouse scheduled service. In April 1980, Dan-Air took over British Airways's loss-making regional services from Bristol, Cardiff and Newcastle to Belfast and Dublin , as well as from Bristol and Cardiff to Jersey, Guernsey and Paris Charles de Gaulle , and from Leeds/Bradford to Guernsey. 1981 saw Dan-Air launch

1292-452: A scheduled route linking Gatwick with Cork , its first scheduled service from Gatwick to Ireland , as well as a new, seasonal scheduled service linking Newcastle with Jersey and a new, year-round combined Gatwick–Newcastle–Aberdeen weekend schedule. During that year, the airline inaugurated scheduled services between Berlin and Amsterdam Schiphol , the company's first scheduled route from Berlin as well as its first scheduled route not to touch

1368-686: A scheduled service between Gatwick and Lisbon , its first scheduled service on a main trunk route between the UK and the Iberian peninsula . The same year, the airline joined the International Air Transport Association (IATA) as a Trade Association member. Following British Airways's takeover of British Caledonian in December 1987, Dan-Air's scheduled services transferred to Texas Air 's SystemOne CRS. In 1988, Dan-Air commenced scheduled services between Gatwick and Madrid . Towards

1444-463: A sister company at Lasham , a disused war -time airfield in Hampshire , to service its fleet as well as other operators. The acquisition of a second DC-3 in 1954 resulted in Dan-Air moving its main operating base from Southend to Blackbushe the following year. The main base transferred to Gatwick in 1960 when Blackbushe closed to commercial airlines. Dan-Air's arrival at Gatwick in 1960 coincided with

1520-455: A subsidiary undertaking, if: The broader definition of "subsidiary undertaking" is applied to the accounting provisions of the Companies Act 2006, while the definition of "subsidiary" is used for general purposes. In Oceania , the accounting standards defined the circumstances in which one entity controls another. In doing so, they largely abandoned the legal control concepts in favour of

1596-415: A useful part of the company that allows every head of the company to apply new projects and latest rules. Debenture In corporate finance , a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowledges it, but in some countries

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1672-997: Is a subsidiary/child company of the ultimate parent company, while a second-tier subsidiary is a subsidiary of a first-tier subsidiary: a "grandchild" of the main parent company. Consequently, a third-tier subsidiary is a subsidiary of a second-tier subsidiary—a "great-grandchild" of the main parent company. The ownership structure of the small British specialist company Ford Component Sales, which sells Ford components to specialist car manufacturers and OEM manufacturers, such as Morgan Motor Company and Caterham Cars , illustrates how multiple levels of subsidiaries are used in large corporations: The word "control" and its derivatives (subsidiary and parent) may have different meanings in different contexts. These concepts may have different meanings in various areas of law (e.g. corporate law , competition law , capital markets law ) or in accounting . For example, if Company A purchases shares in Company B, it

1748-410: Is not pledged to specific assets. Like other secured debts, the debenture gives the debtor priority status over unsecured creditors in a bankruptcy. In Asia, if repayment is secured by a charge over land, the loan document is called a mortgage ; where repayment is secured by a charge against other assets of the company, the document is called a debenture; and where no security is involved, the document

1824-497: Is possible that the transaction is not subject to merger control (because Company A had been deemed to already control Company B before the share purchase, under competition law rules), but at the same time Company A may be required to start consolidating Company B into its financial statements under the relevant accounting rules (because it had been treated as a joint venture before the purchase for accounting purposes). Control can be direct (e.g., an ultimate parent company controls

1900-464: The James Bond franchise. Conversely, the parent may be larger than some or all of its subsidiaries (if it has more than one), as the relationship is defined by control of ownership shares, not the number of employees. The parent and the subsidiary do not necessarily have to operate in the same locations or operate the same businesses. Not only is it possible that they could conceivably be competitors in

1976-457: The United States . In 1973, Dan-Air became the first British airline to operate the Boeing 727 trijet. By the mid-1970s, it had become Britain's largest independent airline, both in terms of passengers carried and fleet size, operating the country's largest charter fleet . This was also the time a Dan-Air staff member, Yvonne Pope Sintes became Britain's and Europe's first female jet captain . By

2052-447: The computer reservation system (CRS) used at the time by travel agents in the UK. In January 1984, Dan-Air took over Touraine Air Transport 's scheduled internal German operation between Berlin and Saarbrücken, the first time the airline had operated a scheduled route entirely within another country. That year also saw Dan-Air assume British Midland 's scheduled route between Gatwick and Belfast International Airport as well as launch

2128-426: The recession began to bite and passengers for Link City dwindled, the company contracted them to regional airlines operating smaller aircraft. Nineteen eighty-two saw Metropolitan Airways, a subsidiary of Alderney Air Ferries (Holdings), take over Dan-Air's Bournemouth–Cardiff/Birmingham–Manchester–Newcastle schedule. In March 1983, Dan-Air took over British Airways's loss-making Heathrow – Inverness route. This

2204-559: The second Little Berlin Airlift . Dan-Air began commercial air services in the UK in May 1953 with the aircraft it had taken over from Meredith Air Transport, a single Douglas DC-3 bearing the registration G-AMSU. The fledgling airline received its air operator's certificate on 23 May 1953. Dan-Air derived its name from its parent's initials, D avies, A nd, N ewman. The company was incorporated on 21 May 1953 as Dan Air Services Limited, with

2280-511: The 1980s with a corporate makeover. The first stage entailed a new fleet-wide livery . One Boeing 727-100, the airline's first pair of stretched Boeing 727-200 Advanced and its first Boeing 737 were first to appear in the new livery. The second stage gave the fleet widebody look interiors as each aircraft underwent maintenance. The final stage changed stationery, ticket wallets, timetable covers, airport signs and baggage tags as well as its logo in advertisements and public relations campaigns. By

2356-485: The Airbus A300. Most were acquired second-hand. In 1972, Dan-Air co-founded Gatwick Handling , a Gatwick-based handling agent, with Laker Airways . Each owned 50% at its inception. By the mid-1970s, Dan-Air had become the second biggest resident operator at Gatwick after British Caledonian . From then on, it operated the largest of the UK independent airlines' fleets as well as Britain's largest charter fleet. Operating

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2432-616: The UK. Furthermore, in November, Dan-Air withdrew its application to the CAA to take over British Airways's Highland and Islands scheduled operation. During 1981 and 1982, Dan-Air leased three HS 748s to British Airways to supplement the latter's 748 fleet on Scottish internal routes. The partial liberalisation of the Anglo-Irish bilateral agreement during the early 1980s enabled Dan-Air to commence scheduled operations on Gatwick–Dublin in 1982. As

2508-460: The US. To assist with marketing its transatlantic capacity to affinity group charter organisers in both countries, Dan-Air established a new joint venture named Dan-Air Intercontinental in partnership with CPS Aviation Services as a jointly owned subsidiary. Flights began in late-March 1971 with a Boeing 707-321 that was acquired second-hand from Pan American World Airways (Pan Am). The successful launch of Dan-Air's transatlantic joint venture led to

2584-503: The acquisition of a second 707-321 from Pan Am in 1972, and both aircraft continued to be primarily employed on transatlantic charter flights between Britain, Canada and the US until their retirement in 1978. Dan-Air's parent, Davies and Newman Holdings, became a publicly listed company when it was floated on the London Stock Exchange in late 1971. The group was capitalised at £5 million at its stock market debut. This provided

2660-481: The acquisition of two former Zambia Airways One-Eleven 200s , the first time the firm had acquired jets to be exclusively operated on scheduled services. One aircraft was based at Gatwick, the other at Newcastle. Moreover, 1975 was the year Manchester became the sole stop in the Northwest on Link City . In 1976 Dan-Air commenced a year-round scheduled service between Newcastle and Stavanger . In 1977, Dan-Air launched

2736-402: The bank and receive a payment each quarter (or in whatever period is specified in the agreement). There are also other features that minimize risk, such as a "sinking fund", which means that the debtor must pay some of the value of the bond after a specified period of time. This decreases risk for the creditors, as a hedge against inflation, bankruptcy, or other risk factors. A sinking fund makes

2812-788: The beginning of Dan-Air's association with Tegel which lasted 25 years . On that day, a Comet 4 left the airport for Málaga , the first of almost 300 IT flights under contract to West German tour operator Neckermann und Reisen . Dan-Air established its first overseas base at Tegel in 1969. Up to five aircraft were stationed there for over two decades. These initially comprised Comets, One-Elevens, Boeing 707s and 727s. They were later replaced with Boeing 737s, Hawker Siddeley 748s and BAe 146s. The Berlin fleet operated charters under contract to tour operators as well as scheduled services to Amsterdam and Saarbrücken . Gatwick aircraft and crew operated most regular charter flights as well as all scheduled services linking Berlin with Gatwick. At its peak during

2888-544: The beginning of sustained, steady and mostly profitable expansion. By the end of the 1960s, Dan-Air had become Gatwick's third biggest resident operator after British United Airways and Caledonian Airways . In October 1970, the US Civil Aeronautics Board granted Dan-Air a foreign carrier permit for a five-year period. This became effective on 5 April 1971 and enabled the airline to operate regular transatlantic affinity group charter flights between Britain and

2964-405: The bond less risky, and therefore gives it a smaller "coupon" (or interest payment). There are also options for "convertibility", which means a creditor may turn their bonds into equity in the company if it does well. Companies also reserve the right to call their bonds, which mean they can call it sooner than the maturity date. Often there is a clause in the contract that allows this; for example, if

3040-486: The company's business. As a result, Meredith soon found itself in financial difficulties. Davies and Newman agreed to take a debenture on Meredith's aircraft in return for extending financial assistance. When Meredith's financial problems worsened and the debenture became due for repayment, Davies & Newman took over the aircraft together with a six-month contract to operate a series of charter flights between Southend and West Berlin's Tempelhof Airport that formed part of

3116-417: The debenture holder. Debenture holders have no rights to vote in the company's general meetings of shareholders , but they may have separate meetings or votes e.g. on changes to the rights attached to the debentures. The interest paid to them is a charge against profit in the company's financial statements . The term "debenture" is more descriptive than definitive. An exact and all-encompassing definition for

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3192-663: The early 1980s, the airline had also become the leading operator of fixed wing oil industry support flights, operating a fleet of 13 Hawker Siddeley 748 turboprops between bases on the Scottish mainland and the Shetland Islands under contract to firms involved in North Sea oil exploration . In 1983, Dan-Air was the first airline to launch commercial operations with British Aerospace 146 regional jet . The acquisition of an Airbus A300 in 1986 marked Dan-Air's widebody debut and

3268-528: The early 1980s. When Ashford closed in 1974, services moved to Lydd . Seven-four-eights, One-Elevens and Vickers Viscounts leased from other operators operated these services. In 1973, Dan-Air added Teesside as a stop to Link City and inaugurated scheduled services between Teesside and Amsterdam. In 1974, Dan-Air began replacing the 748 with Comets and One-Elevens on its seasonal, scheduled services between Gatwick, Clermont-Ferrand and Montpellier, as well as on its year-round Luton–Leeds–Glasgow schedule,

3344-416: The end of that year, the airline also assumed the former British Caledonian routes from Gatwick to Paris Charles de Gaulle, Manchester, Aberdeen and Nice , gaining access to some of Gatwick's most important feeder routes, as well as some of the densest and most lucrative short-haul European trunk routes. At the start of the 1988–1989 winter timetable, Dan-Air became a two-class scheduled airline when, under

3420-410: The end of the first week of March 1991, Dan-Air began assuming most of the failed carrier's scheduled routes from Gatwick, starting with Gatwick– Brussels and Gatwick–Oslo. Dan-Air's rival's collapse also enabled it to increase frequencies and introduce larger aircraft on the busy Gatwick – Charles de Gaulle and Gatwick–Manchester routes. At the start of the 1991–1992 winter timetable, Dan-Air increased

3496-448: The entry into service of three former Butler Air Transport Airspeed Ambassadors , the airline's first pressurised aircraft. This heralded the beginning of a major expansion into the IT charter market, including its first charter programme from Manchester . Horizon Holidays was one of the first tour operators to contract the airline's aircraft. The Ambassador fleet numbered seven aircraft by

3572-493: The first non-stop scheduled air service between Gatwick and the Isle of Man. Nineteen-seventy-five was also the year the airline converted its seasonal Gatwick–Bern scheduled service into a year-round operation. During that year, the company extended its seasonal scheduled service between Gatwick and Clermont-Ferrand to Perpignan , and introduced One-Eleven jets on its seasonal, Gatwick–Jersey schedule. Nineteen seventy-five furthermore saw

3648-733: The first six months. (Following the end of Meredith's contract to manage Dan-Air's operations at Southend, Meredith Air Transport changed its name to African Air Safaris on 29 November 1954.) Dan-Air operated inclusive tour (IT) charter flights, regional short-haul scheduled services, transatlantic and other worldwide affinity group/Advanced Booking Charters (ABC flights), oil industry support flights and ad hoc operations including all-cargo services from London Gatwick , other British airports and Tegel Airport in West Berlin. Dan-Air's acquisition of three ex- RAF Transport Command Avro Yorks in 1954 resulted in establishment of Dan-Air Engineering as

3724-472: The first ten years. The first international scheduled route was launched in 1960, linking Bristol and Cardiff with Basel . Further international scheduled services from Liverpool to Rotterdam , Bristol to Basel via Bournemouth as well as from Bristol and Gatwick to Ostend followed during the early 1960s. These were operated with DC-3s and Airspeed Ambassadors. Dan-Air's acquisition of Scottish Airlines and Skyways International in 1961 and 1972 enlarged

3800-604: The first time the airline had used jets on scheduled services. The turboprop capacity released enabled re-introduction of scheduled services between Bristol, Cardiff and Amsterdam, as well as the launch of direct scheduled services between Newcastle and the Isle of Man. During April that year, Dan-Air launched a year-round, same-day-return Gatwick–Newcastle jet schedule, the airline's first UK mainland domestic feeder route from Gatwick. This twice-daily service, promoted with British Caledonian , initially utilised Comet 4Bs. From November 1974, BAC One-Eleven 300/400s replaced Comets on one of

3876-453: The first-tier subsidiary directly) or indirect (e.g., an ultimate parent company controls second and lower tiers of subsidiaries indirectly, through first-tier subsidiaries). Recital 31 of Directive 2013/34/EU stipulates that control should be based on holding a majority of voting rights, but control may also exist where there are agreements with fellow shareholders or members. In certain circumstances, control may be effectively exercised where

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3952-456: The frequency of its Gatwick – Charles de Gaulle Airport services to nine return flights per day and Gatwick–Manchester to eight daily returns. The airline replaced BAC One-Eleven 500s with Boeing 737s on both routes. From then on, Dan-Air carried more scheduled passengers than British Caledonian had ever carried in one year throughout its existence. The expansion of Dan-Air's scheduled operation at Gatwick continued throughout 1992, resulting in

4028-542: The funds to expand its charter business, build a network of regional scheduled services between secondary airports across Europe (with particular emphasis on the United Kingdom and Ireland ), enter the transatlantic affinity group/ABC market and establish itself as leading fixed wing operator of oil industry support flights. It let the airline expand its fleet, leading to introduction of the One-Eleven, Boeing 707, Hawker Siddeley 748, Boeing 727,Boeing 737, BAe 146 and, eventually,

4104-693: The growing Comet fleet and take advantage of the fact that all airlines other than those headquartered in the US, the UK and France were banned from West Berlin. Operating out of West Berlin let Dan-Air redeploy capacity left surplus in the UK due to sterling's devaluation and exchange controls which limited passengers to £50 a trip, and to obtain better rates than in the oversupplied UK charter market. The Comets' low acquisition costs also enabled Dan-Air to offer German tour operators with flying programmes from West Berlin keener rates than other Allied charter carriers – chiefly, fellow British independent Laker Airways and US airline Modern Air . 31 March 1968 marked

4180-530: The late 1970s and early 1980s, Berlin was staffed by 170, mainly local, employees and handled more than 300,000 passengers annually. Dan-Air's Berlin 727s had additional fuselage fuel tanks to fly non-stop to the Canary Islands with a full payload . At 2,200 miles (3,500 km) the distance between Berlin and Las Palmas was greater than the shortest transatlantic crossing between Shannon in western Ireland and Gander in eastern Canada. The five-hour flight

4256-472: The late 1980s saw a major expansion of their scheduled activities, including the introduction of two-class services on trunk routes. Passenger numbers peaked in 1989 at 6.2 million (1.8 million on scheduled services). Lack of vertical integration with a tour operator , and an inefficient fleet mix dominated by ageing Boeing 727s and BAC One-Elevens made Dan-Air uncompetitive, resulting in increasing marginalisation and growing financial difficulties as well as

4332-561: The main scheduled aircraft for the next ten years. As a consequence, 748s replaced the Nord 262 Dan-Air had acquired from Air Ceylon in 1970 as a DC-3 replacement to operate Bristol–Cardiff–Liverpool–Newcastle. In addition, Skyways brought a scheduled route linking Ashford (Lympne) Airport in Kent with Beauvais . This formed part of a London– Paris coach-air service, which Skyways had pioneered in 1955 with DC-3s. Dan-Air continued this service until

4408-555: The marketplace, but such arrangements happen frequently at the end of a hostile takeover or voluntary merger. Also, because a parent company and a subsidiary are separate entities, it is entirely possible for one of them to be involved in legal proceedings, bankruptcy, tax delinquency, indictment or under investigation while the other is not. In descriptions of larger corporate structures, the terms "first-tier subsidiary", "second-tier subsidiary", "third-tier subsidiary", etc. describe multiple levels of subsidiaries. A first-tier subsidiary

4484-441: The mid-1960s and operated the majority of the company's IT flights until Comets and One-Elevens assumed the bulk of these operations towards the end of the decade. In 1966, Dan-Air introduced its first pair of ex- British Overseas Airways Corporation (BOAC) de Havilland Comet series 4 aircraft, which made it the second British independent airline after British United Airways to start uninterrupted pure jet operations. This marked

4560-479: The other "subsidiary undertaking". According to s.1159 of the Act, a company is a "subsidiary" of another company, its "holding company", if that other company: The second definition is broader. According to s.1162 of the Companies Act 2006, an undertaking is a parent undertaking in relation to another undertaking, a subsidiary undertaking, if: An undertaking is also a parent undertaking in relation to another undertaking,

4636-468: The parent holds a minority or none of the shares in the subsidiary. According to Article 22 of the directive 2013/34/EU an undertaking is a parent if it: Additionally, control may arise when: Under the international accounting standards adopted by the EU a company is deemed to control another company only if it has all the following: A subsidiary can have only one parent; otherwise, the subsidiary is, in fact,

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4712-430: The purposes of taxation , regulation and liability . For this reason, they differ from divisions which are businesses fully integrated within the main company, and not legally or otherwise distinct from it. In other words, a subsidiary can sue and be sued separately from its parent and its obligations will not normally be the obligations of its parent. However, creditors of an insolvent subsidiary may be able to obtain

4788-604: The resumption of former Air Europe routes to Stockholm Arlanda in February and Rome Fiumicino in April. In addition, Dan-Air launched Gatwick– Athens in March and re-launched Gatwick– Barcelona in May. During that period, Dan-Air became Gatwick's largest resident, short-haul scheduled operator controlling 18% of all slots, and 21% of all morning peak time slots between 8am and 9am. In addition to scheduled services on its own account, Dan-Air

4864-399: The rotations. In May 1974, Dan-Air launched a twice-daily Gatwick–Ostend HS 748 service in conjunction with Sabena . One of the two daily round-trips was operated under Sabena flight numbers. In 1975, Dan-Air commenced a year-round scheduled service between Newcastle and Bergen , as well as two new, seasonal scheduled routes linking the Isle of Man with Aberdeen and Gatwick. The latter was

4940-479: The scheduled operation. The former brought a passenger-configured DC-3 and a seasonal route linking Prestwick with the Isle of Man . The latter resulted in four additional HS 748s and year-round services linking Bournemouth with Jersey and Guernsey , as well as seasonal flights linking Gatwick with Clermont-Ferrand and Montpellier . These aircraft let the airline expand Link City by adding Bournemouth and reorganising

5016-479: The stewardship of Vic Sheppard, it introduced its Class Elite business class between Gatwick and Paris and between Gatwick and Nice on three refurbished One-Eleven 500s . Sheppard had joined Dan-Air from British Caledonian. In 1989, Dan-Air introduced Class Elite on all scheduled flights from Gatwick to Dublin, Zürich, Lisbon, Madrid and Toulouse. In 1990, Dan-Air introduced year-round two-class scheduled services from Gatwick to Tegel and Vienna . Gatwick–Tegel

5092-507: The structure by introducing Bournemouth– Birmingham –Liverpool/Manchester– Newcastle and Luton – Leeds Bradford – Glasgow , in April 1972. Schedules offered same-day-returns Monday to Friday. These ex- Skyways HS 748s enabled Dan-Air to open a seasonal Gatwick– Bern route in June 1972, the first direct scheduled air link between the UK and the Swiss capital. The acquisition resulted in the HS 748 becoming

5168-460: The subsidiary, and so exercise control. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. There are, however, other ways that control can come about, and the exact rules both as to what control is needed, and how it is achieved, can be complex (see below). A subsidiary may itself have subsidiaries, and these, in turn, may have subsidiaries of their own. A parent and all its subsidiaries together are called

5244-516: The term is now used interchangeably with bond , loan stock or note . A debenture is thus like a certificate of loan or a loan bond evidencing the company's liability to pay a specified amount with interest. Although the money raised by the debentures becomes a part of the company's capital structure , it does not become share capital . Senior debentures get paid before subordinate debentures, and there are varying rates of risk and payoff for these categories. Debentures are freely transferable by

5320-595: The time British Airways took over British Caledonian , Dan-Air had become Gatwick's second-largest slot holder, accounting for 16% of slots . Dan-Air provided the chairman of the Gatwick Scheduling Committee while British Caledonian, Gatwick's largest slot holder, provided the [slot] co-ordinator. Dan-Air's first overseas expansion occurred during the Cold War in 1968 when Frank Tapling, the sales director, visited German tour operators to increase utilisation of

5396-540: Was Dan-Air's first scheduled link between its main UK base and its long-established overseas base. At the start of the 1990–1991 winter timetable, the firm replaced one of the two Berlin HS 748 turboprops with larger BAe 146 jets on Berlin–Amsterdam and introduced direct scheduled services linking Berlin with Manchester and Newcastle via Amsterdam. In addition, the company took over the Gatwick–Amsterdam feeder route from British Airways. Following Air Europe's demise at

5472-408: Was a small airline called Meredith Air Transport . Meredith was formed in 1952 as a small ad hoc charter operator and flew a single Douglas DC-3 out of Southend Airport , where it also had its head office. When Meredith's only aircraft suffered a mishap while taking off from Jerusalem 's Atarot Airport on Christmas Eve 1952 that damaged the aircraft's tailwheel, this caused major disruption to

5548-776: Was also contracted by other airlines to operate scheduled passenger and cargo services. Subsidiary The subsidiary can be a company (usually with limited liability ) and may be a government-owned or state-owned enterprise . They are a common feature of modern business life, and most multinational corporations organize their operations in this way. Examples of holding companies are Berkshire Hathaway , Jefferies Financial Group , The Walt Disney Company , Warner Bros. Discovery , or Citigroup ; more focused companies include IBM , Xerox , and Microsoft . These, and others, organize their businesses into national and functional subsidiaries, often with multiple levels of subsidiaries. Subsidiaries are separate, distinct legal entities for

5624-663: Was inaugurated with a pair of de Havilland Doves . Subsequent changes included extending the service from Bristol to Plymouth , and replacing Doves with larger Herons and DC-3s. The resulting route pattern became the foundation of the Link City network. This linked South West England with the Northeast via stops at the commercial centres of the Midlands and the Northwest . DC-3s continued plying all domestic Link City scheduled routes for

5700-513: Was the first time the airline had operated a scheduled service out of Heathrow. In May 1983, the company flew the world's inaugural BAe 146 scheduled service between Gatwick and Bern, the first commercial jet service into the small airport serving the Swiss capital. The same year, the company started scheduled Gatwick– Zürich flights, the second time it had launched daily scheduled services on a European trunk route. In November 1983, Dan-Air joined Travicom,

5776-420: Was the limit of the 727's economically viable non-stop range . The Berlin 727-100s' enhanced fuel capacity also meant that these aircraft had up to 20 fewer seats compared with their UK counterparts – 131 vs. 151 – to take full advantage of the resulting range increase. This in turn permitted Dan-Air to offer its German charter passengers an improved seat pitch , in line with German tour operators' requirement for

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