US - Continental Airlines has said it will contribute proceeds of US$50m arising from the sale of its Copa Holdings shares into its pension plans.
Continental reaped proceeds to the sum of $172m following the sale of approximately nine million shares of common stock in the initial public offering of Copa Holdings, the parent company of Copa Airlines.
The contribution will bring Continental’s 2005 pension contributions to $354m, and the airline still holds approximately 12 million shares of common stock in Copa Holdings.
Continental chairman and CEO Larry Kellner said: We are working hard to keep our promises to employees, even in these difficult times.”
The company has said it expects to end 2005 with an unrestricted cash and short- term investments balance of between $1.9 and $2.0bn.
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