RegEx - selective delete around a pattern

I need RegEx to delete text block delimited by "^--" and "^request saved" if the block contained the pattern "FAILED:No air,rail,hotel or car" in the following.

Many thanks in advance!

company_id=9292 queue_id=72 internationalOnly=0
Building XML...
ABC123
Adding passenger first=First  last=LAST
PASS_FIRST Emergency - <TravelDocumentPublisherService_v1_types.EmergencyContactType_Holder instance at 0xb7943dcc>
FAILED:No air,rail,hotel or car
point.agent.com - - [24/May/2012 18:33:18] "POST / HTTP/1.1" 200 -
request saved to requests/2012-05-24T18:33:35.970388.xml
--
company_id=6653 queue_id=534 internationalOnly=0
Building XML...
DEF459
Adding passenger first=FIRST last=LAST
FIRST LAST Emergency - <TravelDocumentPublisherService_v1_types.EmergencyContactType_Holder instance at 0xb6ea176c>
FAILED:No air,rail,hotel or car
point.agent.com - - [24/May/2012 22:42:44] "POST / HTTP/1.1" 200 -
request saved to requests/2012-05-24T22:42:44.502880.xml
--
company_=2479 queue_id=99 internationalOnly=0
Building XML...
ACE333
Adding passenger first=FIRST last=LAST
FIRST LAST Emergency - <TravelDocumentPublisherService_v1_types.EmergencyContactType_Holder instance at 0xb6e489ec>
FAILED:Segment Fault
point.agent.com - - [24/May/2012 22:48:05] "POST / HTTP/1.1" 200 -
request saved to requests/2012-05-24T22:48:11.437577.xml
--
company_id=7031 queue_id=534 internationalOnly=0
Building XML...
GAR333
Adding passenger first=FIRST last=LAST
FIRST LAST Emergency - <TravelDocumentPublisherService_v1_types.EmergencyContactType_Holder instance at 0xb797e9cc>
FAILED:SOAP Error
point.agent.com - - [24/May/2012 22:50:14] "POST / HTTP/1.1" 200 -
request saved to requests/2012-05-24T22:50:38.009576.xml
--
Building XML...
YYEE12
Adding passenger first=FIRST last=LAST
PASSFIRST LAST Emergency - <TravelDocumentPublisherService_v1_types.EmergencyContactType_Holder instance at 0xb6eb4c4c>
RAIL SEGMENT
FAILED:No air,rail,hotel or car
point.agent.com - - [25/May/2012 15:42:34] "POST / HTTP/1.1" 200 -
request saved to requests/2012-05-25T15:42:34.320824.xml

How about the following awk one-liner:

awk '!/FAILED:No air,rail,hotel or car/{printf (N++?RS:"") $0}' RS="--\n" infile