Virgin America cleared to fly

“Virgin America Inc. won approval to begin flying, pending changes to its ownership plan. The Burlingame-based startup airline, owned in part by British billionaire Richard Branson, must replace chief executive officer Fred Reid and make other changes to its corporate structure as a condition of final approval from the U.S. Department of Transportation. Virgin America first sought a license to fly in December 2005, when it raised more than $177 million in startup capital. But federal regulators expressed concerns over whether the airline met U.S. ownership standards, citing Branson’s involvement… Virgin America said it plans to offer low-cost domestic air service like Southwest Airlines Co. and JetBlue Airways Corp. Its first route will be between San Francisco and New York City with other routes to follow”