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Monday, September 8, 2003

Brief

Northwest Airlines [Nasdaq: NWAC] has won federal approval to use the stock of its regional subsidiary, Pinnacle Airlines, to help cover a $1 billion shortfall in its employee pension plans. The action, approved by the Labor Department's Employee Benefits Security Administration, allows Northwest to contribute up to 100 percent of the stock of Memphis-based Pinnacle to its three plans to fund a $223 million pension obligation for 2002. Pinnacle is wholly owned by Northwest and its stock is not publicly traded.

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