<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): April 7, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>FEDEX CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-15829</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>62-1721435</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>942 South Shady Grove Road, Memphis, Tennessee<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>38120</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(901) 818-7500</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 24pt"><B>FEDERAL EXPRESS CORPORATION<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-7806</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>71-0427007</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>3610 Hacks Cross Road, Memphis, Tennessee<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>38125</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(901) 369-3600</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="left" style="font-size: 10pt"><B>SECTION 2 &#150; FINANCIAL INFORMATION</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;2.06.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Material Impairments.</B></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">On April&nbsp;7, 2009, the management of FedEx Corporation and its wholly owned subsidiary Federal Express Corporation
made the decision to permanently remove from service ten Airbus A310-200 aircraft and four Boeing MD10-10 aircraft
owned by the company, along with certain excess aircraft engines, during the fourth quarter ending May&nbsp;31, 2009. This
decision reflects management&#146;s ongoing efforts to optimize the company&#146;s express network in light of continued excess
aircraft capacity due to weak economic conditions and the expected
delivery of newer, more fuel-efficient aircraft in fiscal year&nbsp;2010. As a result of this decision, a noncash charge of approximately
$180&nbsp;million for impairment of the value of the aircraft and
engines will be recorded in the fourth quarter of fiscal 2009. The
company does not expect to be required to make any current or future cash expenditures as a result of the impairment.


<P align="left" style="font-size: 10pt; text-indent: 4%">A limited
amount of the company&#146;s total aircraft capacity remains temporarily grounded because of network overcapacity. Any future
decisions to further alter our networks by eliminating additional aircraft may lead to additional asset impairment
charges.


<P>
<HR noshade width="26%" align="center" size="1" color="#000000">
<P>




<P align="left" style="font-size: 10pt; text-indent: 4%">Certain statements in this report are &#147;forward-looking&#148; statements within the meaning of the Private Securities
Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking
statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or
implied) by such forward-looking statements, because of, among other things, the risks and uncertainties you can find
in our press releases and other SEC filings, including the risk factors identified under the heading &#147;Risk Factors&#148; in
&#147;Management&#146;s Discussion and Analysis of Results of Operations and Financial Condition&#148; in our most recent annual
report on Form 10-K, as updated by our quarterly reports on <FONT style="white-space: nowrap">Form 10-Q.</font>


<P align="center" style="font-size: 10pt">2&nbsp;

<P align="center" style="font-size: 10pt; display: none">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report
to be signed on their behalf by the undersigned hereunto duly authorized.

<P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="39%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FedEx Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: April&nbsp;13, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<U> /s/ JOHN L. MERINO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John L. Merino<BR>
Corporate Vice President and<BR>
Principal Accounting Officer</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Federal Express Corporation</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: April&nbsp;13, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<U> /s/ J. RICK BATEMAN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.&nbsp;Rick Bateman<BR>
Vice President and<BR>
Worldwide Controller</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>





<P align="center" style="font-size: 10pt">3&nbsp;

<P align="center" style="font-size: 10pt; display: none">3




</DIV>
</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "c83804e8vk.htm", "description": "8-K", "secsgml_size_bytes": 11826}]
[{"company-data": {"conformed-name": "FEDERAL EXPRESS CORP", "cik": "0000230211", "assigned-sic": "4513", "irs-number": "710427007", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07806", "film-number": "09746728"}, "business-address": {"street1": "3610 HACKS CROSS ROAD", "city": "MEMPHIS", "state": "TN", "zip": "38125", "phone": "9013693600"}, "mail-address": {"street1": "3610 HACKS CROSS ROAD", "city": "MEMPHIS", "state": "TN", "zip": "38125"}}, {"company-data": {"conformed-name": "FEDEX CORP", "cik": "0001048911", "assigned-sic": "4513", "irs-number": "621721435", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15829", "film-number": "09746727"}, "business-address": {"street1": "942 SOUTH SHADY GROVE ROAD", "city": "MEMPHIS", "state": "TN", "zip": "38120-", "phone": "9018187500"}, "mail-address": {"street1": "942 SOUTH SHADY GROVE ROAD", "city": "MEMPHIS", "state": "TN", "zip": "38120-"}, "former-company": {"former-conformed-name": "FDX CORP", "date-changed": "19971103"}}]
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 7, 2009
FEDEX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
1-15829
62-1721435
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
942 South Shady Grove Road, Memphis, Tennessee
38120
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(901) 818-7500
(Former name or former address if changed since last report.)
FEDERAL EXPRESS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
1-7806
71-0427007
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
3610 Hacks Cross Road, Memphis, Tennessee
38125
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(901) 369-3600
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 2 – FINANCIAL INFORMATION
Item 2.06.
Material Impairments.
On April 7, 2009, the management of FedEx Corporation and its wholly owned subsidiary Federal Express Corporation
made the decision to permanently remove from service ten Airbus A310-200 aircraft and four Boeing MD10-10 aircraft
owned by the company, along with certain excess aircraft engines, during the fourth quarter ending May 31, 2009. This
decision reflects management's ongoing efforts to optimize the company's express network in light of continued excess
aircraft capacity due to weak economic conditions and the expected
delivery of newer, more fuel-efficient aircraft in fiscal year 2010. As a result of this decision, a noncash charge of approximately
$180 million for impairment of the value of the aircraft and
engines will be recorded in the fourth quarter of fiscal 2009. The
company does not expect to be required to make any current or future cash expenditures as a result of the impairment.
A limited
amount of the company's total aircraft capacity remains temporarily grounded because of network overcapacity. Any future
decisions to further alter our networks by eliminating additional aircraft may lead to additional asset impairment
charges.
Certain statements in this report are "forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking
statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or
implied) by such forward-looking statements, because of, among other things, the risks and uncertainties you can find
in our press releases and other SEC filings, including the risk factors identified under the heading "Risk Factors" in
"Management's Discussion and Analysis of Results of Operations and Financial Condition" in our most recent annual
report on Form 10-K, as updated by our quarterly reports on
Form 10-Q.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report
to be signed on their behalf by the undersigned hereunto duly authorized.
FedEx Corporation
Date: April 13, 2009
By:
/s/ JOHN L. MERINO
John L. Merino
Corporate Vice President and
Principal Accounting Officer
Federal Express Corporation
Date: April 13, 2009
By:
/s/ J. RICK BATEMAN
J. Rick Bateman
Vice President and
Worldwide Controller
3