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CREDITORS APPROVE CONTINENTAL PLAN OF REORGANIZATION IN LANDSLIDE VOTE

 HOUSTON, Feb. 24 /PRNewswire/ -- Continental Airlines today announced that its creditors have voted overwhelmingly in favor of the airline's Plan of Reorganization. Final results of the balloting are scheduled to be presented in the U.S. Bankruptcy Court in Wilmington, Del., on March 16 at the confirmation hearing on its Plan of Reorganization. The plan has already received the unanimous support of the Official Committee of Unsecured Creditors, as well as the Pension Benefit Guaranty Corp.
 The plan classifies the general unsecured creditors into four estates (Continental Airlines, Continental Airlines Holdings, Continental Express and System One), and all four estates overwhelmingly approved the plan. Ballots were then broken down into two categories: Percentage of Dollar Amount of Claims Voted, and Percentage of Allowed Holders Voting.
 Preliminary Voting Results:
 Percentage of
 Dollar Amount Percentage of
 Estate of Claims Voted Allowed Holders
 Voting in Favor Voting in Favor
 Continental Airlines 86 percent 93 percent
 Continental Air Holdings 74 percent 74 percent
 Continental Express 97 percent 94 percent
 System One 99 percent 95 percent
 The affirmative vote of two-thirds of the dollar amount of claims voted and one-half of the allowed holders voting constitutes approval by each class of unsecured creditors.
 "We are extremely pleased with the overwhelming endorsement of Continental's Plan of Reorganization," said Robert R. Ferguson, vice chairman and chief executive officer for Continental Airlines. "This vote of approval will expedite our successful emergence from Chapter 11."
 Randall Kominsky and Chris Matthews, co-chairmen of the Committee of Unsecured Creditors, said, "We are delighted that the vast majority of the voting unsecured creditors have approved the plan. We are pleased with the progress Continental's management has made toward financial reorganization, and look forward to plan confirmation in the coming weeks."
 -0- 2/24/93
 /CONTACT: Corporate Communications of Continental Airlines, 713-834-5080/


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

JB-JL -- LA028 -- 0066 02/24/93 16:17 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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