Pinnacle Airlines Corp. (PNCL) said on Thursday that it has closed on a $10 million credit facility with Independent Bank of Memphis, Tenn.
The loan is designed to provide Pinnacle with additional working capital until it gets its 2009 federal income tax refund, estimated to be $38 million.
Separately, Pinnacle also modified its $25 million spare parts loan to reduce certain liquidity requirements.
The company's chief financial officer Peter Hunt said, "These transactions enhance our liquidity and put us in a stronger financial position for 2010."
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