Airline offers employees stockContinental Airlines said...

BUSINESS DIGEST

April 06, 1994

Airline offers employees stock

Continental Airlines said yesterday that it will give employees a stake in the Houston-based carrier and also restore remaining pay cuts ordered in 1991 when the airline was struggling to emerge from bankruptcy. Continental said it would grant about 1 million shares, or about 4 percent, of its common stock. After the company emerged from bankruptcy in April 1993 it authorized the issuance of common stock.

In November 1991, the workers had to take an average 10 percent pay cut. Since 1991, three-quarters of that cutback has been restored, and yesterday the airline said it would restore the remainder.

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