Originally Posted by http://www.continental.com/web/en-US/content/news/alliance.aspx

For the time being, the Continental/SkyTeam relationships are business-as-usual. Continental is committed to making this transition in a very customer-friendly manner. There will be a significant transition period, including regulatory approvals, for Continental to move from one alliance to another. Until further notice, OnePass members can continue to earn and redeem miles on SkyTeam airlines and SkyTeam lounge reciprocity continues as usual for SkyTeam Elite Plus members traveling on international SkyTeam itineraries.