Question: When I try to import any video file (e.g. AVI files) in Adobe Premiere Pro cc in my Macbook Air, I get this error:
**"codec missing or unavailable"**

What to do about it?

Answer: 
It's very simply.
HOW TO FIX: download avid codex pack, install it (on mac -> library->QuickTime), restart and reopen Adobe Premiere.
<http://avid.force.com/pkb/articles/en_US/download/Avid-QuickTime-Codecs-LE>
All I did was add ".mov" to the file name and all is well!!!