CONTINENTAL AIRLINES NEGOTIATING 350 MLN DLR SHARE SALE

 COPENHAGEN (AFX) - Continental Airlines is negotiating to sell 72 pct of its 
shares for 350 mln U.S. dollars to Houston based investor group Maxxam Inc, 
Continental's partner Scandinavian Airlines System said. SAS spokesman Gerhard 
Dall said negotiations started last week, but are now being dealt with by 
Continental's creditors and the courts, which have to give approval before a deal 
can be struck, said Dall. Continental suspended payments to creditors under 
Chapter 11 legislation. SAS holds a 100 mln dollar stake in Continental, bought 
in 1988 and 1990. The stake is written down to zero, said Dall, but he said the 
investment is still of benefit to SAS because of the traffic route possibilities 
it gives.

AFX News
July 14, 1992, Tuesday
Copyright 1992 Extel Financial Limited