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HOUSTON AIR ANNOUNCES NEW PARTNER IN CONTINENTAL AIR BID

 HOUSTON AIR ANNOUNCES NEW PARTNER IN CONTINENTAL AIR BID
 HOUSTON, Oct. 5 /PRNewswire/ -- Houston Air Inc. today announced that Scandinavian Air Systems (SAS) has joined it in its effort to acquire Continental Airlines.
 Both companies have asked Continental's board of directors for a 10-day extension in order to prepare a detailed joint proposal to purchase the airline. In addition, Northwest Airlines and Mexicana Airlines have agreed to participate in an advisory capacity. Neither is putting any capital into the offer. Both have agreed to work with Houston Air and SAS to develop areas of synergy and possible areas of cooperation with Continental.
 SAS already is a Continental shareholder, and Continental has received similar benefits from a cooperative relationship with it.
 This new bid supersedes an August 7 offer by Houston Air to purchase Continental for $385 million.
 "We've added a strong partner and tremendous synergies, operational efficiencies and savings to the Continental system, but my point of view remains the same," said Alfredo Brener, principal of Houston Air. "Continental is staffed by dedicated employees and has excellent routes and hubs and is headquartered in Houston; none of that will change. What Continental lacks is the financial wherewithal to expand and prosper and that's what Houston Air, SAS and the cost-savings from the advisory partners will provide."
 "In comparison to other bids, this is the best package of synergies to insure long-term viability of Continental Airlines," said Jon Kutler, managing director of Wasserstein Perella & Co., Inc. principal financial advisor to Houston Air.
 Headquartered in Houston, Texas, Houston Air Inc., is wholly owned by Alfredo Brener, a businessman who resides in Houston.
 -0- 10/5/92
 /NOTE TO EDITORS: Houston Air has scheduled a telephone press conference at 3:30 p.m. EDT to discuss this. To participate, reporters are invited to dial 913-661-0852 at 3:20 PM EDT. Questions can be asked at that time.
 /CONTACT: Jon Kutler or M.A. Shute of Houston Air, 713-752-1900, Jack Herbert of SAS, 011-468-797-1394, or Chris Clouser of Northwest Airlines, 612-726-2331/ CO: Houston Air Inc.; Scandinavian Air Systems; Continental Airlines ST: Texas IN: AIR SU: TNM


SM -- NY086 -- 6702 10/05/92 15:43 EDT
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Publication:PR Newswire
Date:Oct 5, 1992
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