Continental, with a proud tradition particularly in the West, is a subsidiary of Texas Air Corp., which also owns New York Air. ; Denver; Fort Lauderdale; Houston; Kansas City; Lafayette, La. New airlines, such as People Express and Muse, have employed trim budgets and no unions to start service at cut-rate fares without so much as an if-you-please from the Civil Aeronautics Board. The significant change was initiated by the implementation … Seven bankruptcy filings during the period 2001-2012 will be taken into consideration in this study. View All. • Headquarters :Houston, Texas, • Continental is currently the USA’s fifth largest airline and the seventh largest in the world. After World War II, Continental began to build up a route network extending from Houston to the West … (n.d.). As such, we cannot verify the accuracy of each individual entry. Delta had net earnings of $593 million; United earned $854 million. He said tickets will be honored for Tuesday flights to cities still on the Continental schedule. The table is provided as a service rather than an authoritative source. The major overall economic element affected the entire American transportation … In recent weeks, Eastern, Western, Republic and TWA have sought major salary concessions from their employes, or imposed them where they could. Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy. The Air Line Pilots Association and the Union of Flight Attendants declined the offer Friday night, and refused to discuss it yesterday morning, company officials said. September 25, 1983 Continental Airlines, the nation's eighth largest passenger carrier with service to more than 70 U.S. cities, filed for reorganization under federal bankruptcy laws … Continental has struggled as visibly as any of the airlines. United Airlines and Continental Airlines agreed to merge in 2010, and Delta Air Lines bought Northwest three years ago. Transporte Aéreo Militar (TAM) was an airline based in La Paz, Bolivia, owned by the Bolivian Air Force and set up to serve rural communities. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Cities to be served include Washington at both National and Dulles airports. Founded by Sir Freddie Laker in 1966, the airline and … Airlines, Continental Airlines, Hawaiian Airlines, Northwest Airlines, Frontier Airlines, Jet Blue Airlines and Southwest Airlines, representing network carriers, regional carriers and LCCs respectively. That has created a competitive situation where the nimble survive, but where the wrong move can spell doom. Continental has about 12,000 employes concentrated in Houston, Denver and Los Angeles. After satisfying certain requirements, bankruptcy law permits courts to approve rejection of labor contracts by the debtor-employer. Veteran airline reporter Ted Reed writes at Forbes that now that we’ve reached the end of 2020, “American Bankruptcy Chatter Turned Out To Be Nonsense.”. In 1982, according to Continental papers, its labor costs were 33 percent of its operating budget. Airlines, like any business, are susceptible to market fluctuations and economic difficulties. The Continental name was retained when it was merged in 1982 with another Texas Air subsidiary, Texas International. With this tool, airline managers reduce costs. Harris left Continental Holdings in 1991 and was replaced by former CFO Robert Ferguson. Also see list of defunct airlines for a list of airlines which are no longer operating. A Selection of Recent Airline Bankruptcies Braniff International May 13, 1982 Continental Airlines September 23, 1983 Eastern Airlines March 9, 1989 Pan American Airlines January 8, 1991 America West Airlines June 28, 1991 Trans World Airlines January 10, 2001 US Airways August 11, 2002; September 12, 2004 United Airlines December 9, 2002 Aloha Airlines December 30, … Expected steps by both bankrupt carriers to slash domestic flights and put smaller planes on some routes could help American Airlines and Continental Airlines by getting rid of excess … Continental said that had it "been able to reduce its labor costs to 19 percent of its total operating expenses, it would have made $71.3 million in 1982 instead of losing, as it actually did, $135.5 million.". Its losses totaled $60.4 million in the first six months of this year, and company officials attributed the problems to high labor costs. The economic structure of the airline industry may contribute to airline bankruptcies as well. Neither DOT nor A4A maintains official records of airline bankruptcy filings and/or service cessations.
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