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Bankruptcy Keyed to Levitan, 3rd Ed.
In re Continental Air Lines, Inc.
Citation:
780 F.2d 1223 (1986)Facts
Continental Air Lines filed for Chapter 11 bankruptcy protection on September 24, 1983, and operated as a debtor-in-possession. In March 1984, CAL sought bankruptcy court approval to enter into lease agreements for two DC-10-30 aircraft, representing a financial commitment exceeding $70 million over 10 years. CAL argued these aircraft were necessary to strengthen its Mid-Pacific and South Pacific operations, which were among its most valuable assets. CAL claimed the leases would enhance profitability, increase cash flow, and preserve its route authority in the Pacific. The bankruptcy court authorized the lease negotiations, finding that without the new aircraft, CAL’s revenue forecasts would be jeopardized and it might be unable to preserve these valuable route systems. The Institutional Creditors, who were owed over $30 million, opposed the leases, arguing they represented an improper attempt to reorganize the company outside the Chapter 11 plan process.
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