Continental in trouble
NZPA staff correspondent Washington Continental Airlines; which flies to New Zealand and is one of the United States’ biggest air carriers, is in danger of going under, its auditors say. The airline made an operating loss last year of SUSIOO million (SNZI27 million), offset by profits of SUS4O million (5NZ50.8 million) on/ the sale of aircraft, and tax credits. It is now heavily in debt, and the auditors, Peat, Marwick, Mitchell and Com-
pany, are tagging the 1981 audit with a note questioning the company’s ability to. survive, a Continental spokesman said in Los Angeles. Lenders are in a position of being able to demand repayment of millions of dollars in March. If they do, the auditors say, the company would not be able to find the money.. „ . . Other big United States airlines, including Pan American, are also in deep financial trouble, though some. minor domestic lines are doing well.
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Press, 1 March 1982, Page 6
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153Continental in trouble Press, 1 March 1982, Page 6
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