5 of 8
BACKNEXT
Continental - Two times
Continental - Two times
The Houston-based airline giant experienced turbulence in the early 1980s when it was bought by holding company Texas Air. After the hostile acquisition, Continental's labor union revolted -- and the airline's president, A.L. Feldman, died of an apparent suicide.

New head Frank Lorenzo failed to reach a compromise with workers, and Continental filed for bankruptcy in 1983, eliminating union contracts.

Continental's second Chapter 11 came in 1990. The airline had assets of $4.8 billion and owed $5.9 billion; on top of its debt load, it faced a precipitous rise in fuel costs brought on by the first Iraq war. Continental emerged from bankruptcy three years later by granting a majority interest to Air Canada and Air Partners.

Today, Continental faces a challenging business environment, but analysts say its credit position is fairly secure compared to competitors like American Airlines.

NEXT: Polaroid - Two times
Last updated August 25 2009: 10:25 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
8 CEOs who took a pay cut in 2013 Median CEO pay inched up 9% in 2013 to $13.9 million. But not everyone got a bump last year. Here are eight CEOs who missed out. More
10 best convertibles now that spring has sprung It's finally time to put the top down. Here are our 10 favorite rides for the warmer months to come. More
10 best founding teams The most effective co-founders pair vision with fortitude to launch a business. Here are some of the best examples through the years. More
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.