Continental Hits A Big Air Pocket
No smooth flying in sight for Continental Airlines. On Aug. 16, the carrier reported a $24.4 million loss for the two months since emerging from its second bankruptcy. The carrier had predicted a small profit, but fare-discounting took its toll. The $5 million in legal fees Continental and Northwest spent in an unsuccessful antitrust suit against American Airlines didn't help, either. Continental will lighten its load by laying off 2,500 workers, halting service to nine cities, and retiring 30 older planes.
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