From the Wires
Pinnacle Airlines Reaches Comprehensive Agreements To Provide a Viable Cost Structure and Path Out of Chapter 11
Long-Term Business Plan Provides for Pinnacle to Operate 81 Two-Class Regional Jets for Delta Air Lines
By: PR Newswire
Jan. 3, 2013 11:48 AM
MEMPHIS, Tenn., Jan. 3, 2013 /PRNewswire/ -- Pinnacle Airlines Corp. (OTC: PNCLQ) announced today that it and its wholly owned subsidiaries have entered into comprehensive agreements that, among other things, provide a path forward for the Company to emerge from bankruptcy with a competitive cost structure and a viable long-term business plan. Under Pinnacle's new business plan, the Company will transition its fleet to operate a fleet of 81 fuel-efficient, two-class regional jets for Delta Air Lines Inc.
The comprehensive agreements among Pinnacle, Delta, the Air Line Pilots Association, International (ALPA) and the Official Committee of Unsecured Creditors (Creditors' Committee) in Pinnacle's Chapter 11 cases include:
Pinnacle filed motions with the Bankruptcy Court seeking approval of the various components of the comprehensive agreements. All of the components of the comprehensive agreements are interdependent and are subject, among other things, to Court approval.
"The agreements we have reached represent a significant milestone in Pinnacle's restructuring and provide a clear and achievable path toward emergence from Chapter 11," said John Spanjers, president and CEO of Pinnacle Airlines Corp. "Pinnacle will be well positioned to emerge from the bankruptcy process with a viable business plan that provides meaningful opportunities for our employees. We are confident that Delta will continue to be a strong partner and we look forward to working closely together to provide outstanding service and operating a safe, reliable airline. We also thank our partners, employees and other stakeholders who have helped us achieve this significant progress in our reorganization."
Additional information about the comprehensive agreements is available in the motions filed with the Bankruptcy Court, as well as in a Form 8-K filed by Pinnacle with the Securities and Exchange Commission.
About Pinnacle Airlines Corp.
Michael Freitag / Nick Lamplough
SOURCE Pinnacle Airlines Corp.
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