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AEROMEXICO JOINS MAXXAM-LED GROUP IN $400 MILLION INVESTMENT OFFER FOR CONTINENTAL AIRLINES

 AEROMEXICO JOINS MAXXAM-LED GROUP IN $400 MILLION
 INVESTMENT OFFER FOR CONTINENTAL AIRLINES
 HOUSTON, Oct. 6 /PRNewswire/ -- An investor group led by MAXXAM Inc. (AMEX: MXM) confirmed that Aerovias de Mexico, S.A. de C.V., together with an investor group comprised of certain of its shareholders and other Mexican investors, has agreed to join the MAXXAM-led group in an increased investment proposal to Continental Airlines.
 The revised proposal represents a total investment of $400 million, with approximately $100 million coming from AeroMexico and its investor group. AeroMexico's equity will amount to 20 percent and be in the form of convertible preferred stock.
 In commenting on the alliance with AeroMexico, MAXXAM's Chairman and CEO Charles Hurwitz said, "We are delighted to have AeroMexico and its group join us in this investment offer to Continental. The involvement of AeroMexico offers a number of advantages, including the potential for increased revenues, increased passenger feeds, and enhanced access to South American markets. The 20 percent AeroMexico group equity is well within the limits placed on foreign ownership of U.S. airlines."
 -0- 10/6/92
 /CONTACT: Robert W. Irelan of MAXXAM, 713-267-3722/
 (MXM) CO: MAXXAM Inc.; AeroMexico; Continental Airlines ST: Texas, California IN: AIR SU: TNM


TM -- SF007 -- 7138 10/06/92 14:11 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
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