Continental Expecting Significant Loss For Year | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

AMA Drone Report

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday

Airborne-Thursday

Airborne-Friday

Airborne On ANN

ADR 02.20.17

Airborne 02.20.17

Airborne 02.21.17

Airborne 02.22.17

Airborne 02.23.17

Airborne 02.24.17

Airborne-HD On YouTube

ADR 02.20.17

Airborne 02.20.17

Airborne 02.21.17

Airborne 02.22.17

Airborne 02.23.17

Airborne 02.24.17

Fri, Mar 18, 2005

Continental Expecting Significant Loss For Year

Ratification Of New Employee Agreements Crucial

Continental predicts a loss for the first quarter and a "significant" loss for the year according to its filing with the SEC. A bulletin warned employees the company will have to take several serious steps if the tentative agreements are not ratified by March 30th.

These actions include even larger cuts in pay and benefit reductions, up to a total of $800 million from the $500 million already discussed. Also, additional personnel would be furloughed as the airline would sublease or sell 24 Boeing 737-500s that have become less profitable in the current environment.

In addition, multiple aircraft orders that were cleared a few weeks ago by the board will have to be cancelled if the ratifications do not go through. As if that wasn't enough, the airline would have to cough up another $335 million in cash reserves, limiting operating and pension funds.

The SEC filing indicated that Continental has between $1.3 billion to $1.4 billion available in unrestricted cash and short-term investments, down from $1.46 billion the company had at the end of 2004. Bookings through March were strong, with a slight decrease in April bookings because of and early Easter this year.

A newly approved 777 non-stop flight to China from Newark is one bright spot in the company's future. "The Beijing route holds exceptional long-term promise since it connects the world's fastest growing economy with the financial center of the U.S.," said Continental Chairman and CEO Larry Kellner in a news release on Friday.

FMI: www.continental.com

Advertisement

More News

Counting Down! ANN's Infamous April 1st Edition's Just Around The Corner!

Get Your Wacky Ideas In NOW! ANN E-I-C Note: Folks... we gotta warn you... our Annual April 1st Editions are LEGENDARY -- and this WILL be our best April 1st Edition yet. Based on >[...]

Airborne 02.24.17: RV-10 Suit Dismissed, 2016 GA Sales, Red Tail Legacy

Also: Falcon 9 Landing, TFR Busts, Denton Airshow, QF-16, Treasure Coast, 'Fly Safe' Campaign, Juno Mission When the news first came out, in 2015, that Van's Aircraft was sued for >[...]

Aero-News: Quote of the Day (02.26.17)

"This Symposium will provide stakeholders with the opportunity to talk face-to-face with a cross-section of government and industry representatives about regulations, research, and>[...]

TNA Selected As The Exclusive Electric Aircraft Tug Provider For Sun 'n Fun

More Than 5,000 Aircraft Are Expected To Attend Following an agreement with the Sun 'n Fun International Fly-In and Expo, TNA Aviation Technologies announced that the Company has b>[...]

Treasure Coast International Airport Gets $1.5 Million Federal Grant

Will Go Towards Construction Of A New Maintenance Hangar The U.S. Department of Commerce has awarded a $1.5 million AIP grant to Treasure Coast International Airport (KFPR) in Fort>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2017 Web Development & Design by Pauli Systems, LC