Sunday, Nov. 29, 1992 —- North Shore News - 54 Thr Ce-way partnership helps | Meet your travel match eet airline out of bankruptcy CONTINENTAL AIRLINES last week an- nounced that its board of directors has unanimously voted to accept the Air Canada/Air Partners, L.P. investor group’s bid to in- vest $450 million cash in Continental upon its emergence from bankruptcy. The parties expect that Con- tinental wiil emerge from Chapter Il in early 1993. Robert R. Ferguson Hi. vice- chairman and chief executive of- ficer of Continental, said, ‘‘This is a major milestone for Continen- tal. We have come a long way thanks to the hard work and commitment of cur employees, and the conperation of our cred- itors. This is the first of several possible alliances that will enable Continesital to establish its global presence in the future. “We look forward to our new working relationship with Air Canada and Air Partners, and are delighted we will have the funds available to emerge from Chapter II and to finance the improve- ments we intend to make in Con- tiental to make it a premier service airline,’’ Ferugson added. The investment includes $140 million of new equity, $110 mil- lion of which will be in common stock (divided equaHy between Air Canada and Air Pariners). In addition, Air Canada will purchase $30 million of non- vating preferred stock at a divi- dend rate not to exceed 12%. Air Canada will also purchase $150 million of Series B debt securities which will be secured by certain unencumbered assets of Continen- tal. Air Partners intends to arrange for the purchase of $160 million of Series A debt securities backed by the assets of Continental Micronesia, Inc. Initially, Aix Canada and Air Partners will each purchase 27.5% of equity in a revitalized Con- tinental. Air Canada will have 24% of voting stock and Air Partners will have 41% of voting stock. Air Canada and Air Partners will also receive warrants allowing them to increase their economic ownership in the future. In addi- tion, the uasecured creditors will initially receive 35.6% cf the equi- ty of the company upon its reorganization. The committee of unsecured creditors enthusiastically supports this transaction. Randall Komin- sky and Chris Maithews, co- chairmen of the committee, said, “This transaciion provides the unsecured creditors of Continental Airlines with a substantial minori- ty stake in the airline as well as significant representation on Con- tinenial’s Board. Our equity inter- est in Continental is strengthened by the cash infusion this invest- ment provides. Hollis L. Harris, vice-chairman, president and chief executive of- ficer of Air Canada, said, ‘‘We are thrilled with this decision. Our investment in Continental is an important component of our cor- porate strategy to deveiop a global network. of airlines. Most important, the synergies between Air Canada and Con- tinental, along with Continesta!’s extensive route structure, will assist both carriers to achieve a prominent position in the worldwide airline industry. In addition, we expect to fur- ther strengthen Continental’s posi- tion in a giobal airline network by working, subject to any necessary approvals, ta create mutually beneficial synergies between the strategic partners of Continental and Air Canada. Continental will finalize its disclosure statement and recrganization plan, based on the Air Canada/Ais Partners invest- ment, for submittal to the U.S. Bankruptcy Court in Wilmington, Delaware, this moath. Other island’s occupancies jumped From page S@ The most expensive suites, U.S.3350 for a two-bedroom, are roomy enough for six people. These ocean-frent suites hang over the beach, each with two huge lanais complete with ioungers, tables and chairs. Guests at luxury hotels have to take a walk to get this close. Down by the pool I met a man who had teen unable to rent a car, but found he really did not need it. There are shuttles to West Maui airport and to Lahaina; he was enjoying the tennis at Kaanapali Shores, and the sandy beach was too goad to leave anyway. Lahaina is not the sleepy little town it was 20 years ago, but growth has brought a wider selec- tion of restaurants such as J.J.’s Grill, while Alex’s Hole-in-the- Wall still does good Italian food. One place to avoid is the Orient Express at Napili, or you will A ies Jolly. “Good Stuff” — Sir Edmund Hillery. FREE Catalo f - 1-0 2470110 t EW OB LD 3 presents THE GALAPAGOS TRAVELOGUE FILM narrated live in person by JOHN WILSON NORTH YAN. CENTERNIAL THEATRE Tues., Dec. 1, 6:00 & 8:30 p.m. Tickets: 12,75 plus service charge, includes GST TicketMaster Inio and Chargeline 280-4444 learn that restaurants offering ‘*Chinese and Thai"’ food can be as bad as those at home selling “Chinese and Canadian.” Save your morey for Roy’s at Kahana. The food here is a glorious mediey of Pacific Rim flavors, from the best-ever spring rolls to the ginger duck. Roy's first restaurant on Oahu was recently voted sixth best in the world. Nor can § complain about the breakfast on Continental Airlines, non-stop to Vancouver, served by a flight attendant who was thrilled at Air Canada’s purchase of a big piece of the airline. Getting home 40 minutes early was appreciated, even if it took a bite out of the happy hours in Continental’s pub-in-the-sky. But not before a couple told me they were going back to Maui for Christmas; lots of rooms. stiil available, they reported. Aloha, Santa. Last word: Reserve your car (Dollar gave good service) and your table at Roy's. our roval restoration idedly modest sum. room; maximum two children) Come dive into The Empress’ Enjoy for a We've spent a king’s ransom restoring The Empress— VACATION TIME presents a dreary prospecc for millions of people. For those who live alone or those attached to stay-at-home spouses, spending a soliiary holiday isn’t appealing. Going alone is scary. Joining a tour group seems like being the odd person out in a clique of couples, and ex- pensive single supplement fees frequently blow the budget. When staying home looms high a: a probability because friends and relatives can’: go, there is another, more exciting alternative. Travelmates, a new Vancouver-oased club, creates” 9615, | opportunisies for travellers without partners to share expe- riences and expenses with one or more compatible chums. Recognizing that single trav- ellers are diverse in age, budget and lifestyle, Travelmates’ ac- tivities are designed to attract a range of people. For a yearly fee of $45, members receive a subscription to the Travelmates newsletter. Interested? You can go and test the waters when SPA-rrific holidays are on the agenda at the next get-together, Nov. 30 in West Vancouver. For time, location and reservation details call Carol Fernandes at 739- abOLHS UNIVERSITY H_E A An Aiaska Cruise ITAL tH I that'l! do your heart good! Offered here for the first time! A one-time 7 day sailing that brings you all of the luxury and majestic beauty of an Alaskan Cruise PLUS an on-board % cardiac “Healthfir" progran preseited by medical specialists from University Hospital, Vancouver, May 30 - June 6, 1993 aboard the Regal Princess PRINCESS CRUISES (2% No need to wait — the sale is on now. Be a part of this special Healthfit program! Call 682-4272 or your nearest office of P. Lawson Travel * cruise only, based on twin sharing. category L. inside cabin an impressive $45 miilion, to be exact. And now we're re- storing our Breakaway special, so you can stay at this magnificent waterfront heri- tage hotel from only $8" per night, any night trom Cct.13, 1992 —Feb. 28,1993. (Children 18 and under free in parents’ new pooi and health club. Sip afternoon tea in her refurbished lobby. Dine in her handsomely redecorated restaurants. And discover all of Victoria’s charm, right on her doorstep. Just contact your travel agent cr Call the hotei directly at (604) 384-8111 or 1-800-268-9411, __ Canadian Pacific HIS Hotels Pacific HS Hotels & Reso & Resorts _ ~The Empress 721 Government Street. Victoria, British Columbia vaw 1W5 (604) 384-3111 or 1-800-268-9411. “Single or Gouble cccugancy, plus tax, based on Svailabiity and selevted accommodation. Other standards of rooms are available, including Business Class, for an additional cost. Discount cannot be appied to existing discours (kcividual travel only). Otfer sudject to change without notice.