Pinnacle Airlines Announces Court Order Restricting Trading in Equity and Debt of Pinnacle Airlines Corp. and Affiliates
MEMPHIS, Tenn., April 6, 2012 /PRNewswire/ -- Pinnacle Airlines Corp. (NASDAQ: PNCL) today announced that the United States Bankruptcy Court for the Southern District of New York has entered an order that imposes substantial restrictions on trading in equity interests in and debt claims against Pinnacle Airlines Corp. and affiliates. A copy of the order may be found at the following internet address: http://dm.epiq11.com/PinnacleAirlines. Questions regarding the order may be directed to representatives of the debtors at the following telephone number: 212-450-4000. The case number for the bankruptcy action is 12-11343.
Davis Polk & Wardwell LLP and Akin Gump Strauss Hauer & Feld LLP are serving as the company's legal advisors in the restructuring. Barclays Capital and Seabury Group LLC are serving as financial advisors.
About Pinnacle Airlines Corp.
Pinnacle Airlines Corp. (NASDAQ: PNCL), a $1 billion airline holding company with 8,000 employees, is the parent company of Pinnacle Airlines, 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 62 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 nine major U.S. airports. Visit www.pncl.com for more information.
This press release contains "forward-looking statements." These statements are based on management's current expectations and assumptions, and as such involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that the Company now anticipates -- both in connection with the Chapter 11 filings the Company is announcing today and the Company's business and financial prospects. Statements of management's expectations, including its desire to successfully restructure in order to return the Company to long term viability and financial strength, to compete effectively in the marketplace, to cut costs and to restore profitability, are based on current assumptions and expectations. No assurance can be made that these events will come to fruition. Readers are referred to the documents filed by the Company with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.
Pinnacle Airlines Corp.
Michael Freitag / Nick Lamplough
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Pinnacle Airlines Corp.