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Continental Sells Some Copa StockJuly 5, 2006 By: Susan Young Travel Agent
Continental Airlines said it received $156 million from selling 7.5 million shares of common stock of Copa Holdings, the parent of Copa Airlines. The airline still has 4.4 million shares of stock in Copa Holdings. Continental will contribute $75 million of the proceeds to Continental Airlines' pension plans, bringing 2006 pension contributions to $172 million. Continental is strongly focused on meeting its pension obligations, according to Continental Chairman and CEO Larry Kellner. Since 2001, Continental has contributed $1.07 billion to its pension plans, and the airline continually ranks high in annual surveys of the best places to work in U.S. business. Many other airlines now in bankruptcy have been forced to terminate their pension plans.