Continental staff agrees deal, except flight attendants

Continental staff agrees deal, except flight attendants    Houston-based Continental Airlines today said it has ratified new collective bargaining agreements with unions representing its pilots, mechanics, dispatchers and simulator engineers.
   But Continental’s flight attendants, represented by the International Association of Machinists and Aerospace Workers, did not ratify their agreement.
   The airline is implementing previously announced pay and benefit reductions at the beginning of April for its airport, cargo, reservations, Chelsea food services, management and clerical employees. Continental’s officers and its board of directors implemented their reductions on Feb. 28.
   Continental said that, with the new agreements, it expects to achieve approximately $418 million of annual pay and benefit savings on a run-rate basis.
   As a result of the ratification’s, Continental has issued to all domestic employees, except its flight attendants, stock options for approximately 8.7 million common stock shares. These options represent approximately 13 percent of the currently outstanding shares of common stock of Continental and have an exercise price of $11.89 per share, said Continental.
   Continental also confirmed its order with Boeing to take delivery of eight 757-300 aircraft starting this summer and to accelerate delivery of six 737-800 aircraft into 2006. The airline also will acquire 10 Boeing 787 aircraft beginning in 2009.