Pinnacle Airlines Corp. (PNCL) announced the filing of voluntary petitions for relief under Chapter 11 to continue implementing turnaround plan aimed at addressing its operational and financial challenges in a rapidly evolving regional airline industry.
In conjunction with the filing, Pinnacle has received commitment for $74.3 million of debtor-in-possession financing from Delta Air Lines, Inc. (DAL) Following Court approval, $44.3 million will be used by Pinnacle to repay a secured promissory note held by Delta. The remaining $30 million in DIP financing, combined with cash generated by Pinnacle's ongoing operations.
During restructuring process, the company will remain focused on providing passengers with safe, reliable and timely service in collaboration with its network partners, Delta Connection, United Express and US Airways Express.
Pinnacle expects to accomplish several key initiatives during this process to help ensure that it returns to profitability and remains viable over the long term as the regional airline industry continues to contract and transform.
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