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/C O R R E C T I O N -- CONTINENTAL AIRLINES/

 /C O R R E C T I O N -- CONTINENTAL AIRLINES/
 In NY074, "All Continental Bidders Remain; Procedure For Auction


Process Approved By Bankruptcy Court," moved earlier today, we have been notified that the following paragraph should be substituted in lieu of the 5th graph in the original release ... "At yesterday's meeting, Air Canada/Air Partners submitted a revised bid of $425 million in cash to acquire an initial stock ownership of 55 percent of the shares and 65 percent of the voting rights. When fully exercised the partnership would own (on a fully diluted basis) 69.1 percent of the stock and 78.4 percent of the voting rights. The MAXAIR group, which now includes Aeromexico, submitted a revised firm bid of $400 million, and indicated it could bid higher. The MAXAIR bid included increasing its initial equity to approximately $130 million." In stead of "At yesterday's meeting, Air Canada/Air Partners submitted a revised bid of $425 million in cash to acquire 74.7 percent of the airline (on a fully diluted basis) pursuant to a plan of reorganization. The MAXAIR group, which now includes Aeromexico, submitted a revised firm bid of $400 million, and indicated it could bid higher. The MAXAIR bid included increasing its initial equity to approximately $130 million."
 -0- 10/6/92 C NY074


CO: Continental Airlines ST: Texas IN: AIR SU: RCN

LD-SH -- NY074X -- 7293 10/06/92 18:47 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
Words:239
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