Foreign airlines bid for Continental
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Your support makes all the difference.NEW YORK - The bidding for bankrupt Continental Airlines heated up yesterday with four groups backed by foreign carriers vying for control of the fifth-largest US carrier.
A group led by Air Canada raised its bid to dollars 425m several hours after Aeromexico announced it would contribute dollars 50m to a dollars 400m proposal by the Houston businessman Charles Hurwitz. On Monday, SAS - a shareholder in Continental's former owner, Texas Air Corporation - announced its intention of joining the fray.
Last month, Lufthansa entered an informal bid for Continental with the Los Angeles investor Marvin Davis, saying it wanted a better look at the books of the Houston-based airline.
Continental, which has continued to operate while its creditors seek buyers for the airline, has set 2 November as the bid deadline.
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