Virgin America modifies ownership to meet law

Virgin America Inc., a start-up airline vying for clearance to begin U.S. flights, changed agreements with minority owner Richard Branson’s Virgin Group Ltd. in an effort to meet U.S. ownership requirements.

Branson’s closely held Virgin Group will cede veto authority over some business decisions and put voting shares of the carrier under a U.S. trustee, Virgin America Chief Executive Fred Reid said. The carrier also eliminated foreign investors in two funds that make up the majority of its U.S. ownership, Reid said.