[Federal Register Volume 63, Number 199 (Thursday, October 15, 1998)]
[Notices]
[Pages 55423-55424]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-27731]
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DEPARTMENT OF TRANSPORTATION
Maritime Administration
[Docket MSP-009/Docket S-948]
Chrysler Corporation; Notice Application for Approvals of
Restructured Beneficial Ownership of Vessels Operating Under
Construction-Differential Subsidy, Operating-Differential Subsidy, and
the Maritime Security Program, as a Result of the Business Combination
Between Chrysler Corporation and Daimler-Benz, A.G.
Chrysler Corporation (Chrysler), by letter dated September 29,
1998, applied to the Maritime Administration (MARAD) for all approval,
findings, and determinations necessary in order to restructure its
beneficial ownership rights, as owner-trustor, in certain vessels as a
result of its business combination with Daimler-Benz, A.G. (Daimler-
Benz). After the business combination, Chrysler will become
DaimlerChrysler, A.G. (DaimlerChrysler), a foreign corporation.
Chrysler Financial Corporation (CFC) and Chrysler Capital Corporation
(CCC), both wholly-owned subsidiaries of Chrysler, are the beneficial
owners of the following six vessels, each of which is documented in the
name of a banking institution owner trustee:
1. SEA-LAND FREEDOM-Marshall Islands Flag registry;
2. SEA-LAND EXPRESS-U.S.-flag registry;
3. SEA-LAND PACIFIC-U.S.-flag registry, built with Construction-
Differential Subsidy (CDS);
4. SEA-LAND ENTERPRISE-U.S.-flag registry, built with CDS
5. SEA-LAND ENDURANCE-U.S.-flag registry, enrolled in the Maritime
Security Program (MSP); and
6. TYSON LYKES-U.S.-flag registry, operates under Operating-
Differential Subsidy (ODS) until December 31, 1998, thereafter under
the MSP program.
Subsequent to the business combination, CFC and CCC will be merged
into Chrysler Financial Company, L.L.C. (Chrysler Financial), a wholly
owned indirect subsidiary of DaimlerChrysler. Chrysler Financial will
therefore will be a foreign owner participant in the above referenced
vessels.
The approval, findings and determinations requested include those
that may be deemed necessary under statute, regulation, or contract in
order:
1. For Chrysler to amend its trust agreement covering the SEA-LAND
EXPRESS to qualify Chrysler Financial as the new Owner Participant
under
[[Page 55424]]
Section 1136 of the Coast Guard Authorization Act of 1996;
2. For Chrysler to amend its trust agreement covering the SEA-LAND
ENDURANCE to qualify Chrysler Financial as the new Owner Participant
under Section 1136 of the Coast Guard Authorization Act of 1996 for the
MSP program;
3. For Chrysler to amend its trust agreements covering the SEA-LAND
PACIFIC and SEA-LAND ENTERPRISE to qualify Chrysler Financial as the
new Owner Participant under Section 1113 of the Coast Guard
Authorization Act of 1996 for CDS; and
4. For Chrysler to amend its trust agreement covering the TYSON
LYKES to qualify Chrysler Financial as the new Owner Participant under
Section 1136 of the Coast Guard Authorization Act of 1996, for the
remainder of the ODS period and anticipating the vessel's entry into
the MSP program upon expiration of the ODS contract in December 1998.
Chrysler has stated that they intend to leave the owner trusts in
place but merely amend the trust agreements with certain limitations
whereby the U.S. citizen owner trustee is given absolute and complete
discretion in connection with matters involving the ownership and
operation of the vessels that may adversely affect the interests of the
United States.
This notice, which is published as a matter of discretion, invites
comments on maritime issues that may be raised by Chrysler's proposal
relating to the transfer of beneficial ownership of the referenced
vessels under ODS, CDS, and MSP contracts. This application may be
inspected in the Office of the Secretary, Maritime Administration. Any
person, firm, or corporation having any interest in such request and
desiring to submit comments concerning the application must file
written comments in triplicate with the Secretary , Maritime
Administration, Room 7210, Nassif Building, 400 Seventh Street, S.W.,
Washington, D.C. 20590. Comments must be received no later than 5:00
p.m. on October 20, 1998. The Maritime Subsidy Board/Maritime
Administrator may consider any comments submitted and take such action
with respect thereto as may be deemed appropriate.
Dated: October 9, 1998.
By Order of the Maritime Administrator.
Michael J. McMorrow,
Assistant Secretary, Maritime Administration.
[FR Doc. 98-27731 Filed 10-14-98; 8:45 am]
BILLING CODE 4910-81-P
