SECURITIES & EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ----------------------

                                 SCHEDULE 13G/A*
                                 (Rule 13d-102)

                                 Amendment No. 1

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
           TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
                              PURSUANT TO 13d-2(b)

                           Continental Airlines, Inc.
                                (Name of Issuer)

                              Class B Common Stock
                         (Title of Class of Securities)

                                    210795308
                                 (CUSIP Number)

                                December 31, 2006
             (Date of event which requires filing of this statement)



     Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:


     [ ]  Rule 13d-1(b)
     [X]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)





                              (Page 1 of 10 Pages)
----------------
     *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).



<PAGE>



CUSIP No. 210795308                 13G                     Page 2 of 9 Pages

----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                                                  Seminole Management Co., Inc.
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            New York
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                4,412,900
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                4,412,900
-----------------------------------------------------------------------------
     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                                4,412,900
-----------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                                4.9%
-----------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                CO
-----------------------------------------------------------------------------



<PAGE>



CUSIP No. 210795308                 13G                     Page 3 of 9 Pages

----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                                                  Paul C. Shiverick
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            United States
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                4,412,900
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                4,412,900
-----------------------------------------------------------------------------

     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                                4,412,900
-----------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                                4.9%
-----------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                IN
-----------------------------------------------------------------------------



<PAGE>



CUSIP No. 210795308                 13G                     Page 4 of 9 Pages

----------------------------------------------------------------------------
     (1)    NAMES OF REPORTING PERSONS
            I.R.S. IDENTIFICATION NO.
            OF ABOVE PERSONS (ENTITIES ONLY)
                               Michael G. Messner
-----------------------------------------------------------------------------
     (2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
                                                                  (a)  [ ]
                                                                  (b)  [X]
-----------------------------------------------------------------------------
     (3)    SEC USE ONLY
-----------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
                            United States
-----------------------------------------------------------------------------
NUMBER OF      (5)  SOLE VOTING POWER
                                                -0-
SHARES         --------------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                                                4,412,900
OWNED BY       --------------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                                                -0-
REPORTING      --------------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                                                4,412,900
-----------------------------------------------------------------------------

     (9)    AGGREGATE AMOUNT BENEFICIALLY OWNED
            BY EACH REPORTING PERSON
                                                4,412,900
-----------------------------------------------------------------------------
     (10)   CHECK BOX IF THE AGGREGATE AMOUNT
            IN ROW (9) EXCLUDES CERTAIN SHARES **                       [ ]
-----------------------------------------------------------------------------
     (11)   PERCENT OF CLASS REPRESENTED
            BY AMOUNT IN ROW (9)
                                                4.9%
-----------------------------------------------------------------------------
     (12)   TYPE OF REPORTING PERSON **
                                                IN
-----------------------------------------------------------------------------



<PAGE>



CUSIP No. 210795308                 13G                     Page 5 of 9 Pages

Item 1(a).     Name of Issuer:

     The name of the issuer is Continental Airlines, Inc. (the "Company").

Item 1(b).     Address of Issuer's Principal Executive Offices:

     The Company's principal executive offices are located at 1600 Smith Street,
Dept. HQSEO, Houston, TX 77002.

Item 2(a).     Name of Person Filing:

     This statement is filed by:

               (i)  Seminole  Management  Co.,  Inc.,  a  New  York  corporation
                    ("Investment  Manager"),  which serves as investment manager
                    to  Seminole  Capital  Partners,  L.P.,  a New York  limited
                    partnership,  Seminole Capital Partners II, L.P., a New York
                    limited partnership, Seminole Offshore Fund, Ltd., a British
                    Virgin  Islands  international  business  company,  Seminole
                    Small Cap  Partners,  L.P., a New York limited  partnership,
                    Seminole  Small Cap Fund,  Ltd.,  a British  Virgin  Islands
                    international  business  company,  Seminole  Long Only Fund,
                    Ltd.,  a  British  Virgin  Islands  international   business
                    company,  GS Seminole  Portfolio,  LLC, and Quantum Partners
                    LDC, a Cayman  Islands  exempted  limited  duration  company
                    (collectively, the "Portfolios"), with respect to the shares
                    of Class B Common  Stock (as  defined  in Item  2(d)  below)
                    directly owned by the Portfolios;

               (ii) Paul C.  Shiverick  ("Mr.  Shiverick  "), a principal of the
                    Investment  Manager,  with  respect to the shares of Class B
                    Common Stock held by the Portfolios;

              (iii) Michael G.  Messner  ("Mr.  Messner"),  a principal  of the
                    Investment  Manager,  with  respect to the shares of Class B
                    Common Stock held by the Portfolios.

          The foregoing persons are hereinafter sometimes  collectively referred
to as the "Reporting  Persons." Any  disclosures  herein with respect to persons
other than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.




<PAGE>


CUSIP No. 210795308                 13G                     Page 6 of 9 Pages

Item 2(b).     Address of Principal Business Office or, if None, Residence:

     The address of the business office of each of the Reporting  Persons is 150
East 52nd Street,  29th Floor,  New York,  NY 10022,  New York,  New York 10022,
U.S.A.

Item 2(c).     Citizenship:

     Investment  Manager is a New York  corporation  organized under the laws of
the State of New York. Mr. Shiverick and Mr. Messner are United States citizens.

Item 2(d).     Title of Class of Securities:

     Continental  Airlines,  Inc.,  Class B common  stock,  $0.01 par value (the
"Class B Common Stock").

Item 2(e).  CUSIP Number:
     210795308

Item 3. If this  statement  is filed  pursuant to Rules  13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:

          (a) [ ] Broker or dealer registered under Section 15 of the Act,

          (b) [ ] Bank as defined in Section 3(a)(6) of the Act,

          (c) [ ] Insurance Company as defined in Section 3(a)(19) of the
                  Act,

          (d) [ ] Investment Company registered under Section 8 of the
                  Investment Company Act of 1940,

          (e) [ ] Investment Adviser in accordance with Rule
                  13d-1 (b)(1)(ii)(E),

          (f) [ ] Employee Benefit Plan or Endowment Fund in accordance
                  with 13d-1 (b)(1)(ii)(F),

          (g) [ ] Parent Holding Company or control person in accordance
                  with Rule 13d-1 (b)(1)(ii)(G),

          (h) [ ] Savings Association as defined in Section 3(b) of the
                  Federal Deposit Insurance Act,

          (i) [ ] Church Plan that is excluded from the definition of an
                  investment company under Section 3(c)(14) of the Investment
                  Company Act of 1940,

          (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

     If this statement is filed pursuant to Rule 13d-1(c), check the box.[X]



<PAGE>



CUSIP No. 210795308                  13G                    Page 7 of 9 Pages

Item 4.   Ownership.

         A. Seminole Management Co., Inc.
               (a) Amount beneficially owned: 4,412,900 shares of Class B Common
Stock.
               (b) Percent of class: 4.9% The percentages used herein and in the
rest of Item 4 are calculated based upon the 90,103,298 shares of Class B Common
Stock issued and outstanding as of October 13, 2006 as reflected in the
Company's Form 10-Q, dated October 19, 2006.
               (c) Number of shares as to which such person has:
                   (i) Sole power to vote or direct the vote: -0-
                  (ii) Shared power to vote or direct the vote: 4,412,900
                 (iii) Sole power to dispose or direct the disposition: -0-
                  (iv) Shared power to dispose or direct the disposition:
                       4,412,900

         B. Paul C. Shiverick
               (a) Amount beneficially owned: 4,412,900 shares of Class B Common
Stock.
               (b) Percent of class: 4.9%
               (c) Number of shares as to which such person has:
                   (i) Sole power to vote or direct the vote: -0-
                  (ii) Shared power to vote or direct the vote: 4,412,900
                 (iii) Sole power to dispose or direct the disposition: -0-
                  (iv) Shared power to dispose or direct the disposition:
                       4,412,900

         C. Michael G. Messner
               (a) Amount beneficially owned: 4,412,900 shares of Class B Common
Stock.
               (b) Percent of class: 4.9%
               (c) Number of shares as to which such person has:
                  (i) Sole power to vote or direct the vote: -0-
                 (ii) Shared power to vote or direct the vote: 4,412,900
                (iii) Sole power to dispose or direct the disposition: -0-
                 (iv) Shared power to dispose or direct the disposition:
                      4,412,900



<PAGE>


CUSIP No. 210795308                 13G                     Page 8 of 9 Pages

Item 5.     Ownership of Five Percent or Less of a Class.

If this  statement  is being filed to report the fact that as of the date hereof
the  reporting  person has ceased to be the  beneficial  owner of more than five
percent of the class of securities, check the following [X].

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

Investment Manager, in its capacity as the investment manager to the Portfolios,
has the power to direct the investment  activities of the Portfolios,  including
decisions with respect to the disposition of the proceeds from the sale of Class
B  Common  Stock.  Mr.  Shiverick  and Mr.  Messner  are the  principals  of the
Investment Manager and in that capacity, direct its operations. The investors in
the Portfolios  have the right to participate in the dividends from, or proceeds
from the sale of, the shares of Class B Common Stock held by the  Portfolios  in
accordance with their ownership interests in Portfolios.

Item 7.  Identification  and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control Person.

     Not applicable.

Item 8.  Identification and Classification of Members of the Group.

     See Item 2.

Item 9.  Notice of Dissolution of Group.

     Not applicable.

Item 10.  Certification.

     Each of the Reporting Persons hereby makes the following certification:

          By  signing  below I certify  that,  to the best of my  knowledge  and
belief, the securities  referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing  the control of the
issuer of the  securities  and were not acquired and are not held in  connection
with or as a participant in any transaction having that purpose or effect.



<PAGE>


CUSIP No. 210795308                13G                      Page 9 of 9 Pages

SIGNATURES

After  reasonable  inquiry  and to the best of our  knowledge  and  belief,  the
undersigned  certify that the  information  set forth in this statement is true,
complete and correct.


DATED:  February 14, 2007

                                         SEMINOLE MANAGEMENT CO., INC.

                                         By:  /s/ Paul C. Shiverick
                                              --------------------------
                                              Paul C. Shiverick
                                              Principal

                                         By:  /s/ Michael G. Messner
                                              --------------------------
                                              Michael G. Messner
                                              Principal

                                         Paul C. Shiverick

                                         By:  /s/ Paul C. Shiverick
                                              --------------------------

                                         Michael G. Messner

                                         By:  /s/ Michael G. Messner
                                              --------------------------