TRANSPORTATION

Continental Has Buyer for Air Micronesia: Hard-pressed Continental Airlines Holdings Inc. will sell its Air Micronesia subsidiary to an Asian-based investor group for $290 million in cash and stock, a spokesman said. The sale’s proceeds could help Houston-based Continental emerge from Chapter 11 bankruptcy as an independent company if merger talks with other airlines fall through, the spokesman said. The sale to Pacific Micronesia Corp., whose principal shareholders are Hong Kong-based bank Arral & Partners Ltd. and United Micronesia Development Assn. Inc., is not expected to go through until the first quarter of 1992.