News Release
Continental Chairman Gordon Bethune Praises Rep. Tom Delay for Leadership on Airline Bill
DeLay support for airline industry assistance saves airline employee jobs
HOUSTON, September 21, 2001 -- Continental Airlines Chairman and CEO Gordon Bethune today praised House Majority Whip Tom DeLay (R-Texas) for ensuring key provisions were included in the passage of a Congressional bill aimed at saving the U.S. airline industry from insolvency.
"Tom DeLay saved the U.S. airline industry," said Bethune. "Because of his leadership and commitment, the House has passed legislation that will reimburse the nation’s carriers for the federally mandated ground stop last week. Significantly, that legislation also provides for $10 billion in loan guarantees crucial to restoring liquidity across this industry."
Bethune has said that without loan guarantees and access to capital markets, Continental and other U.S. airlines would face a cash crunch in the months ahead, leading to further layoffs, route reductions, and possible bankruptcies at many carriers.
Bethune also thanked the many governors, mayors and members of Congress who vigorously supported the effort to pass this legislation including members of the Houston, New Jersey and Cleveland Congressional delegations, governors and mayors from our hub states and cities, and a host of civic and business associations. The strong support of all of these individuals and groups was integral to the success of this effort.