Manufacturing Industry
Continental Airlines expects "significant loss" for 2005
Airline Industry Information, March 16, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Continental Airlines Inc. (NYSE:CAL) has said that it expects to post a "significant loss" for 2005.
The airline also said that it may have to cut USD300m in salaries and benefits as well as dismiss workers and shrink its fleet, in addition to cancelling orders for more aircraft. These measures would have to be carried out if its pilots, cabin crew, mechanics and dispatchers do not approve new agreements to further cut costs.
In an annual regulatory filing the airline said that cash flows and reserves will be sufficient if the unions approve the cuts, The Associated Press reported. Continental said that the new agreements would have to be ratified before the end of this month.
The airline has said that it would look for USD800m in new pay cuts if the tentative agreements from the end of February are voted down, Reuters said.
The unions involved have said that the information will be shared with members and that votes will be held on whether to ratify the agreements or not.
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