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CONTINENTAL AIRLINES RECEIVES THIRD INVESTMENT PROPOSAL

 CONTINENTAL AIRLINES RECEIVES THIRD INVESTMENT PROPOSAL
 HOUSTON, Aug. 27 /PRNewswire/ -- Continental Airlines today confirmed that it is in receipt of an investment proposal from a newly formed consortium including Air Partners, Inc., whose principals are David Bonderman and James Coulter, and Air Canada. The proposal contemplates that the consortium would invest $400 million in cash in Continental, in exchange for $300 million of notes and $100 million of equity securities.
 The proposal from Air Partners/Air Canada is the third investment proposal Continental has received. Previously, Continental entered into an investment agreement with Maxair, Inc., and has received a proposal from Houston Air, Inc.
 Continental has determined that the Air Partners/Air Canada investment proposal meets the minimum standards required under its overbid agreement with Maxair. As a result, the consortium is qualified to commence negotiations with Continental working toward an investment agreement that would overbid and supersede the Maxair agreement.
 -0- 8/27/92
 /CONTACT: Corporate Communications, Continental Airlines, 713-834-5080/ CO: Continental Airlines ST: Texas IN: AIR SU:


SH -- NY027 -- 3817 08/27/92 09:39 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
Words:178
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