OTHER NEWS - April 16, 1992
From Times Staff and Wire Reports
Continental Gets More Time on Creditors Plan: A federal judge in Wilmington, Del., gave Continental Airlines nine more weeks to file a plan detailing how creditors will be paid under its bankruptcy reorganization. Continental sought the extension because of the complexity of the case. It sought protection under Chapter 11 of federal bankruptcy laws in December, 1990, and filed a reorganization plan Feb. 6. In March, unsecured creditors sued Continental’s former chairman, Frank Lorenzo, and another former Continental executive for $250 million on grounds that they mismanaged the carrier.
