Iberia (airline) to condone the 150 million dollar debt that Viasa had accumulated to the Spanish carrier in exchange for keeping its fleet composed by four DC-10's and five Boeing 727's. The agreement included a compensation for the staff after the liquidation, which had a cost of 20 million dollars. Regarding Ladeco, Iberia was a minority shareholder (35%) and did not intervene in its management. Initially Iberia had the intention of achieving the merger of Ladeco with Lan Chile, but Chilean antitrust laws prevented it. Later, in 1995, Lan Chile made a major acquisition of Ladeco shares and acquired 57.6% of the
Parks College Airline Air Lines". Ozark Air Lines had recently lost its operating certificate from the CAB and purchased the Parks airline only days into its new service to gain its certificate and routes. Ozark would eventually merge with Trans World Airlines in 1986, which in turn would merge with American Airlines in 2001. Mid-Continent would later become part of Braniff International Airways which ceased operations in 1982. The Parks College Airline fleet consisted of the following aircraft as of 1950: Parks College Airlines operated over 17 years without incident. Parks College Airline Parks College Airline was an defunct airline based in the