TRANSPORTATION

Continental Files Reorganization Plan: Continental Airlines, one of three large U.S. air carriers now flying in bankruptcy, hopes to emerge from Chapter 11 by summer. The airline’s chief executive, Robert R. Ferguson III, called the plan “a major milestone in Continental’s efforts to restructure.” The plan shaves off about 70% of Continental’s long-term liabilities, from $5.1 billion to $1.7 billion, and would keep Continental in business as is, with no major changes in the work force of 43,000. However Continental stockholders would lose their investment. The common and preferred shares of Continental Airlines Holdings Inc. would be dissolved and new shares issued to the unsecured creditors.