Daily Archives: 05/17/2005

Continental Packing It In?

Despite the propaganda coming from the PDN about Guam being a great investment opportunity for ‘statesider’ businesses, word broke yesterday that Continental Airlines is looking to sell off Continental Micronesia, one of the few branches of the airline that actually makes money. According to Reuters, the airline is battling to avoid bankruptcy. At an analyst’s conference last week, both Delta and Continental revealed they are looking at selling off regional airlines and commuter flights to stave off the high cost of jet fuel.

Continental is looking for buyers for its 8.5-percent stake in regional feeder ExpressJet Airlines Inc.; a 49 percent stake in Panamanian carrier Copa Airlines; and its Continental Micronesia Inc., its CFO, Jeffrey Misner said at the conference.

“We’re looking at that all the time,” Misner said, referring to a sale of the units. “If we see an opportunity, we’ll latch onto that relatively quick.”

Maybe Guam isn’t such a great investment opportunity after all…

*via Online Travel Review..