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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: AUGUST 8, 1997
(DATE OF EARLIEST EVENT REPORTED)
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FEDERAL EXPRESS CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OF INCORPORATION)
1-7806 71-0427007
(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
2005 CORPORATE AVENUE, MEMPHIS, TENNESSEE 38132
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
(901) 369-3600
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ITEM 5. OTHER EVENTS
On August 8, 1997, Federal Express Corporation (the "Registrant")
announced that its insurance carriers have agreed to pay the full insured
value of the Registrant's MD-11 N611FE which was destroyed in an airline
accident Thursday, July 31 at Newark International Airport. The Registrant
did not disclose the amount of the proceeds. The MD-11 which was leased by
the Registrant from a third party who acquired the aircraft from the
manufacturer, McDonnell Douglas Corporation, was financed with publicly
issued pass through certificates, a form of debt instrument. The insurance
proceeds will be used to prepay these certificates at par, to reimburse the
owner of the aircraft for its investment in the aircraft and to pay certain
expenses.
The National Transportation Safety Board is continuing its investigation
of the cause of the accident. The Registrant is cooperating fully in the
NTSB's investigation.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FEDERAL EXPRESS CORPORATION
By: /s/ MICHAEL W. HILLARD
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Michael W. Hillard
Vice President & Controller
(PRINCIPAL ACCOUNTING OFFICER)
Dated: August 13, 1997
