MEMPHIS, Tenn., Dec. 8, 2011 /PRNewswire/ -- Pinnacle
Airlines Corp. (NASDAQ: PNCL) announced today that it has commenced
a comprehensive program to reduce short- and long-term costs and
enhance liquidity.
(Logo: http://photos.prnewswire.com/prnh/20110112/CL29411LOGO
)
Planned initiatives include seeking modifications to the
company's agreements with its mainline airline partners, equipment
lessors, debt holders, real property lessors and vendors. The
company will also seek to work with its pilots and other employees
(both union and non-union) to reduce labor costs. As part of its
efforts, the company will examine and further rationalize its
business lines, organizational structure and executive and director
level functions.
Pinnacle Airlines Corp. has engaged the services of Seabury
Group LLC's consulting division, Barclays Capital, and the law firm
of Davis Polk & Wardwell LLP to
assist with these efforts.
"Pinnacle Airlines Corp. is facing a convergence of events that,
if left unaddressed, will make 2012 an extremely challenging year,"
said Sean Menke, the company's
President and Chief Executive Officer. "We have a great deal of
hard work ahead of us, but these efforts are necessary to ensure we
can operate as a profitable business for our shareholders, mainline
flying partners, employees and other stakeholders."
About Pinnacle Airlines Corp.
Pinnacle Airlines Corp. (NASDAQ: PNCL), a $1 billion airline holding company with 7,800
employees, is the parent company of Pinnacle Airlines, Inc.; Mesaba
Aviation, Inc.; and Colgan Air, Inc. Flying as Delta
Connection, United Express and US Airways Express, Pinnacle
Airlines Corp. operating subsidiaries operate 199 regional jets and
80 turboprops on more than 1,540 daily flights to 188 cities and
towns in the United States,
Canada, Mexico and Belize. Corporate offices are located in
Memphis, Tenn., and hub operations
are located at 11 major U.S. airports. Visit
www.pncl.com for more information.
This press release contains various forward-looking statements
based on management's beliefs, as well as assumptions made by and
information currently available to management. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable; it can give no assurance
that such expectations will prove to have been correct. Such
statements are subject to certain risks, uncertainties and
assumptions, including those set forth in our filings with the
Securities and Exchange Commission, which are available to
investors at our web site or online from the Commission.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove erroneous, actual results may
vary materially from results that were anticipated or
projected. The Company does not intend to update these
forward-looking statements before its next required filing with the
Securities and Exchange Commission.
Media Contact: Joe Williams
(901-346-6162 / jfwilliams@pncl.com)
SOURCE Pinnacle Airlines Corp.