Britt Drewes Farrar 804-225-4491
June 2, 2017
VDOT ASSURANCE AND COMPLIANCE OFFICE COMPLETES REVIEW OF PENINSULA AIRPORT COMMISSION
RICHMOND, Virginia – Virginia Secretary of Transportation Aubrey Layne requested the Virginia Department of Transportation’s Assurance and Compliance Office review the Peninsula Airport Commission (PAC) following media reports publicly disclosing a $5 million commercial loan default involving People Express Airlines, Inc., (PEX) that was guaranteed by the PAC and satisfied using collateralized PAC bank account proceeds consisting of state, local and airport funds. The Assurance and Compliance Office has completed its review. The report and supplemental documents can be found here: http://www.virginiadot.org/newsroom/statewide/airport_commission_review.asp
Information in VDOT news releases was accurate at the time the release was published. For the most current information about projects or programs, please visit the project or program Web pages. You may find those by searching by keyword in the search Virginia DOT box above.