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Continental FCU Stays the Course as Airline Stacks Up Big Losses

Continental Airlines' recent announcement that it would have to lay off another round of employees after the carrier reported hundreds of millions of dollars in losses is becoming a familiar tune at Continental Federal Credit Union.

By Michelle A. Samaad | Updated on July 28, 2009

Continental Airlines’ recent announcement that it would have to lay off another round of employees after the carrier reported hundreds of millions of dollars in losses is becoming a familiar tune at Continental Federal Credit Union.

The $182 million credit union has seen an increase in loan workouts and debt restructuring as a result of Continental Airlines’ troubles including the 1,700 job cuts the carrier announced on July 21, said Tom Martin, president/CEO of the Tempe, Ariz.-based cooperative. Members affected by the airline’s financial struggles, other job losses and the sluggish economy are being offered relief through temporary interest rate reductions, 0% share certificate loans and advice for those who are considering filing for bankruptcy.

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