Continental Issues First Ike Damage Estimates: $50 Million
Yesterday Continental Airlines said in an SEC filing that it now estimates that Hurricane Ike will cost the airline at least $50 million.
"This is a preliminary estimate and is subject to change depending on, among other things, insurance recoveries and how quickly traffic returns at the carrier's Houston hub," the airline said.
The airline added that the storm had also affected its liquidity. The airline had previously estimated that it would end the current quarter with $2.8 billion in cash and cash equivalents. The new estimate is $2.7 billion.