Continental Airlines claims that Hurricane Ike will cost the carrier around $50 million. Hurricane Ike forced its Houston hub to shut down for more than two days, causing the losses.

The company is also grappling with the recent fallout surrounding AIG and Lehman Brothers. Continental executives claim the airline has minimal relations with the two companies that are facing financial troubles. Continental officials say that the company financed almost all of its aircraft purchases for this year before the turmoil hit.

Continental does have fuel-hedging contracts with the bankrupt Lehman Brothers, but actually owes them money. With the recent drop in oil prices from $147 a barrel in July to below $100 this week, fuel-hedging deals were undercut. On the upside, the drop has started to lower jet fuel prices.

Along with other major airlines, Continental has cut jobs, grounded planes, reduced flights, and raised fares and fees in an effort to save money.

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