On December 3, 1990, due to the 1990 Iraqi invasion of Kuwait and the resultant Gulf War, which had prompted a dramatic increase in the price of jet fuel, Continental filed for bankruptcy. In mid-1991 Harris was replaced as CEO by Robert Ferguson, who had been a Texas Air executive. In November 1992, Continental accepted a $450 million buyout offer from an investor group composed of Air Partners, an investor from Texas led by Texas Pacific Group, and Air Canada. Under the arrangements, Air Canada would have 24 percent of the voting stock, while Air Partners would hold 41 percent of voting interest in the reorganized Continental. Continental emerged from bankruptcy in April 1993.