Pinnacle Airlines, Inc. Flight Attendants Ratify Collective Bargaining Agreement Ratification is a Major Step Forward in Restructuring
MEMPHIS, Tenn., Nov. 6, 2012 /PRNewswire/ -- Pinnacle Airlines Corp.'s (OTC: PNCLQ) wholly owned subsidiary, Pinnacle Airlines Inc., announced today that its flight attendants ratified the tentative agreement reached on Oct. 12. The ratification means the flight attendants, represented by the Association of Flight Attendants-CWA (AFA), will avoid the Section 1113 litigation process in bankruptcy court and is a critical part of the company's restructuring plan.
"We greatly appreciate the constructive efforts of the AFA leadership throughout this process and are pleased that our flight attendants voted in favor of the new agreement," said John Spanjers, Pinnacle Airlines Corp.'s president and chief executive officer. "The ratification of the new CBA represents positive progress for Pinnacle and a major step forward in positioning the Company to emerge from our restructuring with a cost structure necessary to compete in the regional airline marketplace. We appreciate the willingness of the AFA and its members to work together with Pinnacle for the benefit of the entire company and all of our employees."
The contract remains subject to required corporate approvals and approval by the Bankruptcy Court.
About Pinnacle Airlines Corp.
Pinnacle Airlines Corp. (OTC: PNCLQ), a $900 million airline holding company with 5,250 employees, is the parent company of Pinnacle Airlines, Inc. Flying as Delta Connection, Pinnacle Airlines, Inc. operates 197 regional jets on 1,000 daily flights to 131 cities in the United States and Canada. Corporate offices are located in Memphis, Tenn., and hub operations are located in Atlanta, Detroit, Memphis and Minneapolis. 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.
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SOURCE Pinnacle Airlines Corp.