Frank Lorenzo

Common card · No. 386484

Francisco Anthony "Frank" Lorenzo (born May 19, 1940) is an American businessman and former airline executive who played a prominent role in the U.S. airline industry during the era of deregulation in the 1970s and 1980s. Through his holding company, Texas Air Corporation, Lorenzo gained control of Texas International Airlines, Continental Airlines, New York Air, People Express, Frontier Airlines, and Eastern Air Lines. Lorenzo became known for cost reductions and restructuring strategies. In 1983, Continental Airlines filed for Chapter 11 bankruptcy during a prolonged dispute with its unions. The bankruptcy allowed Continental to reject existing labor agreements and institute lower wages and new work rules. Labor unions argued that the filing was intended to void their contracts, while Continental maintained that its labor costs made reorganization necessary. Continental returned to operating profitability in 1984 and remained under bankruptcy protection until 1986, after reaching an agreement...

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