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"*" FlH«MMtfk^l!^IOA i/I^MMA ^A'lafc i^*^<gi»^*<BM»+•*%•*' JM%W1<»*<»* ^-*'^^w'^.'•£.-.».f * •••^"•'.'•fc j'^A, -^ X^'A V ii i inn i'lfi r i" Vi in ••«»««tfA««^^«i»I*»' ti fir • «i'n m *n^ • i nirl l««««l* . ^•^^•*^lA^o'^*il '•&««• .' • place economic realities ^nd reactionary union leadership, which , _. ,_ r __., r_..: r ... ...'for years plagued 'the carrier, forced the filing of a petition to Perhaps most importantly, the continuing (dedication of reorganize".the. company. This followed a strike by machinists, Continental's 33,000 emplpyeesjo service has/resulted in dramatic ;••' pilots and f%ht attendants. In less thania year's time, the company - improvements^in operating-perfbrman ',.' :'> e^ • •• ^*>kM0- riaAi:VkfiH^Mc''Will-JilnrSfifH^liioV*M!MAM^i'^^Meitfinn'-ae''il%o-~*^^v^ta'«t*tal. j*£viirri*&»itAivriitiTiii*;^ffii''^rrs£rt.•'«ka«-:Y!*irvn*in»fital \• '.'•' : mibbbal'iirport .any the;^rit^V$r^^ jnajor, s^e|u^ * ^Apprpxin^^: tw^ j^e's 3,000 ^empipyees''- •. ^^^th-th^^a? ,wcll as: thpse .. ^ s of: the Jpartneirshipliltaff^ Their ' to .continue .capita oping the Caribbean and Central American portions of its: route^^^'. mimagementiS;(xui]^tted to these goats arid to dealing with the system. Continental recently .announced service to the 67th city unique-challenges that face us. We maintain our confidence, from its growing Houston hub, making it the largest Central .Thank you for your continuing support. •American—US. carrier. • In mid-1989, Continental was awarded the'much sought after Seattle-Tokyo route. This service is being augmented by- new flights between Houston and Tokyo, via Honolulu, and flights from Guam to Sendai and Sapporojapan. Continental is pursuing ^» still further growth in the Pacific Rim, including flights from >•/ Seatde/Tacoma to Nagoyajapan, and other cities in the Far East. IT*" Continental has made great progress in positioning itself as a 1 -truly global carrier. ... Frank Lorenzo Our progress on all these projects ultimately depends upon the . Chairman of the Board SECURITIES AND EXCHANGE COMMISSION •£i?'~ l.D.C. 20549 , • - IORM10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THESECURITIESEXCHANGEACTOF1934 For the fiscal year ended December 31, 1989 OR TElANSrnONREPORTPURSUANTTOSECTIONl3ORl5(d)OF TOESECURTnESEXCHANGEACTOFl9M Bpr tf\c frynfiffon period fir*"1 *" . • . ' Commission File No. 1-7969 , ^TEXAS AIR CORPORATION '\Knft MIDC of icyrttant as 8|m ified ID tti charter} .Delaware 74-2102822 1 -.Tr'r- • '.(Slate or other (LRS. Employer Identification No.) : ••••?•*•"*" _ 333 Oaj 77002 (AddiesB of pnocipfll executive offices j (Zip Code) .. Registrant's telephone number, including area code: (713) 658-9588 Securities registered pursuant to Section 12(b) of the Act: • '••'. Name of each < :on .whkhi Common Stock,:$X)l ^v^' American Stock Exchange ^Pacific Stock Exchange iumulativeConvertibkJunior Pr^^ : . Pacific Stock Exchange — • iitaiyftefennedSliaies^:^_ -«_jr—j cu '•'^• •' :'•.'•*."• ,--*^ -: '^^- =••.:-' '••j.•••".'..:-.-•-•••• .•"."• .^--v^ -••" ••'••': •• •' • Pacific Stock Exchange 12% Depositary Preferred Shares • -'•. :• • •'•'•"•'•"' V-=:•-•'•:•• ^-i7 . -,1--••'.:.-.' Pacific Stock Exchange PrefenedStock.Puichase.Rumi American Stock Exchange Pacific Stock Exchange ior i^iDna auc -wt^ \ •• ~ • ..... • .. .~ . ;-.1--i^. •. 15^%SeniorNotesduel99• ^- .r^- " 2:-^>^»>j2;f-.. -:"V^-1- •' •' '' ^.:"i"X- ..... ' •'••••^,--^»^-:^-^:"J*^^>:^1- «-".T ••;••'' . ^ " «1I""W »» iofNdtesi5en«Bi;due4992;^^^^ . American nge 10% Exdiangeable.SubprdinatexlDebentutes due 2 ' ->^4379%fic^orlbiBiJft|ie]^ '^v^-ii?*"•:' "^- ^'•&%f~^•&'*:•• '••^'•-,'-".' ^-'.- .American StockExchange *.'; :';l4^00%Serii&Nbfe^^ !4^%SeniorNote14U% Senior Notes duduelQQe 1993^ " ""'• ^ •'.. ^ : • -_ . ; - American Stock Exchange Securities registered pursuant to Section 12(g) of Ae_^ct:. .None Indicate by check mark whether the registrant(l) has filed all icports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The aggregate market value of the voting stock held by nonafiiliates of the registrant was $331,571,000 as of February 28,1990. (For these purposes, "affiliates" have been defined as Jet Capital Corporation and all directors, although the Company does not acknowl- edge that any such person is actually an "affiliate" within the meaning of the federal securities laws.) As of February 28,1990,40,268,798 shares of the common stock, $.01 par value, and 2,040,000 shares of the Qass A common stock, $.10 par value, of Texas Air Corporation were outstanding. The following documents) are incorporated by reference herein: Document: Part of Form 10-K Texas Air Corporation Proxy Statement for 1990 Part III Vl%SS^ Hum . Background and Ownership. In September 1983, the predecessor cpipontions to Continental temporarily .suspended .domestic operations andiiled voluntary petitions for reorganization under . Chapter, .ll/of the Code in the United States Bankruptcy Court fortbe Southern District of Texas (the "Continental Bankruptcy Texas Air Corporation (Texas Air") is a holding company that Court"). Continental's Flan of Reorganization (the "Continental owns all of the common stock of Continental Airlines, Inc. Flan") became effective on September 2, 1986, at which point the ("Continental"), Eastern Air Lines, Inc. ("Eastern") and System predecessor corporations were consolidated. One Holdings, Inc. ("System One"), as well as certain airline- On February 6, 1987, Texas Air acquired the outstanding related assets and aircraft which are leased to subsidiaries, cash publicly held shares of common stock of Continental by merger and marketable securities. Continental and Eastern were, in 1989, (the "Continental Merger"). A prior holder of Continental the fifth and .ninth -largest airlines in the United States, respec- securities is contesting the terms of the Continental Merger. tively (measured in terms-of revenue passenger miles). System See Item 3. "Legal Proceedings. Litigation Contesting the One .provides computer reservations systems and other products Continental Merger." .. to the airlme and tovd.relat^ services ^ .Route. Continental provides service to its domestic markets Eastern and System One are operated as independent companies. principally through a system of hub airports at Houston Inter- ; ••••; On March 9,19894 Eastemiu^^ -continental, JSJewark, Denver and Cleveland. The hub system nization unde^Qiapter^^ between a. large "Code") and currently is .operating as a debtor-in-possession number of destinations with substantially more frequent service under the Code. -See Item 1. "Business. Eastern-Chapter 11 "than if eaichvioute were served directly. This allows substantially Reorganization of Eastern." .«»••: •.-..•'..-• .:" ':'•' more effective use of aircraft resources by enabling Continental to In February 1990, Texas Auy System One^and Electronk Data add service *m new destination from, a large number of cities < Systems Corporation ,(* ED5!3;entered into .a prelin^ agree: = using x>nly one 7or- a Jimitedrnmnber of aircraft. In addition ,to merit providing for the acquisition by EDS of substantially all of accommodating bUn^i^t traffic;flows, the use of .multiple hubs the assets of System One and-the foanafiph^by System One and Cpnt*ngnyp^y cHlity-tp rcaroo|n«n<y1?ty passengers when EDS of an equaUy owned -paitnership to noperate and .market tmyel *hrough^a,p ' city .is .restricted by" weather or , incorporated in 1980. ;. :;iContinental's jet. service at :each . of its hu cities is comple: .Its .principal place /.of busmessJs 333 Qay Street,: Suite 4046, mented by ,and.coordinated with.the operations of its commuter .Houston, Texas 77002; telephone number (713) ^58:9588. : .t ;...,. airline subsidiaries. The commuter subsidiaries operate turbo-prop • ' -::;>..: name .^Continental Express," , . .Continental, togedier/with its an>^ been the dominant carrier at largest aircamtfinlSKB9, measured in terms of revenue passenger • Houston Intercontinental, where it has consistently expanded niiles. Mfofl)ecenlt^ result of .the acquisir ariesopeia^^je^aiid^^ 1986, -Continental became 143 cities througbout the : United States and ^ international ^^ Newark International Airport and, in destinations. •;.-:. •,•...-•.•;•• -^..- . ;,-s;-^-ri.-../^.-, u/v-^v . - ./•. May 1988, Continental opened Terminal Cat Newark. Continental Continental .experienced significant growAiin^vrecent; years, has substantially increased its operations at Terminal C, with the primarily through itsacquisition of a substantialiiumber of aircraft result that Continental currently has more domestic flights to or and of People Express Airlines, Incr(3People Express"), New ' from the New York Gty area than any other carrier. Continental York Airlines, Inc. .("New York Air"), Frontier Holdings, Inc. began
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