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Friday, April 27, 2007

Pinnacle Loses New Airlink Flying

At press time, it was announced that Northwest (NWACQ) notified Pinnacle (PNCL) it is exercising provisions that take back additional flying if its Airlink partner did not reach a new pilot agreement by the end of last month. The major carrier is transitioning the15 aircraft delivered during the first quarter to one of Northwest’s wholly-owned subsidiaries. The move takes two aircraft a month beginning in September. In addition, Pinnacle will not receive the two remaining aircraft originally scheduled to be delivered this year. When the transitioning is complete Pinnacle’s fleet will include 124 Bombardier (BBD) CRJ200s. Pinnacle is now entitled to the full amount of its unsecured claim in the major’s bankruptcy, of which it still retains $42.5 million which it may shortly move to monetize. Related Story
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