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.
"Our long term hope is that the industry rebounds and members are able to regain employment," Martin said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
