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Pinnacle Airlines CEO to resign

20-Apr-2012 11:47 AM

Pinnacle Airlines announced (19-Apr-2012) a leadership transition under which John Spanjers, currently COO of the company, will succeed Sean Menke as CEO, effective 01-Jun-2012. Mr Spanjers has been COO at Pinnacle since Sep-2011, and was president of Mesaba Aviation prior to joining Pinnacle. Pinnacle does not anticipate this transition will impact the timeline of the company’s Chapter 11 proceedings or Pinnacle’s ability to successfully restructure and emerge from Chapter 11. As of 01-Jun-2012, Pinnacle expects to have achieved a number of important restructuring objectives during the initial 60 days of its Chapter 11 proceedings, including having:

  • Renegotiated key business agreements with Delta Air Lines, United Airlines and Export Development Canada;
  • Obtained final approval of its debtor-in-possession (DIP) financing;
  • Completed the Section 1110 aircraft process;
  • Received final court approval of its “First Day motions” to help the company continue to operate in the ordinary course;
  • Initiated a collegial and collaborative relationship with the Unsecured Creditors Committee and its advisors. [more - original PR]