Continental Airlines Declares Bankruptcy
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Economics, Aviation, Space Exploration
- Subcategories: Business, Labor, Unions, Work, Employment, Aircraft, Airplanes, Transportation
- Curriculum: American History 1951-present
- Geographical Location: Texas
- Date: September 24, 1983
Article abstract: Continental Airlines filed a petition for bankruptcy under Chapter 11 on September 24, 1983, in an apparent effort to abrogate labor contract obligations.
Summary of Event
On September 24, 1983, Continental Airlines, under the direction of Chairman Frank Lorenzo, filed a petition for bankruptcy under Chapter 11 of the bankruptcy code. Continental’s plunge into bankruptcy, leaving more than ten thousand travelers stranded at airports around the country, was one of the most unusual applications of bankruptcy law in U.S. history. This...
[The entire page is 2217 words long]
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