HOUSTON, June 28 /PRNewswire-FirstCall/ -- Continental Airlines (NYSE: CAL) today issued the following statement in response to the Air Transportation Stabilization Board's decision regarding the United Airlines application for a federal loan guarantee:
"United Airlines is a great franchise with exceptional employees. The more than 70,000 hard-working men and women of United have made tremendous sacrifices in recent years, as have tens of thousands of employees at Continental Airlines and the rest of the industry. In addition, United's efforts to reduce costs and generate additional revenue have made the airline a stronger competitor.
"The wide support among political leaders and others for United's loan guarantee application showed a great commitment to the airline's employees. However, given United's success in reshaping itself, the ATSB and its members made the appropriate decision after their careful and thorough assessment of United's needs and the industry's position. They should be applauded for that decision.
"The challenges facing the U.S. airline industry are many, but the most appropriate course of action is to allow the marketplace to determine the shape of the industry.
"Continental Airlines is confident that private investment and further structural change -- rather than government intervention -- can position United Airlines for success in this difficult environment."
SOURCE Continental Airlines
To receive these alerts via e-mail visit the Corporate Information Center at www.continental.com/cic.