19-Nov-2012 10:52 AM

Pinnacle Airlines Corp’s court ruling to create consensual agreement

Pinnacle Airlines announced (16-Nov-2012) that a court ruling issued by the United States Bankruptcy Court for the Southern District of New York has cleared the way for a consensual agreement with the Air Line Pilots Association (ALPA). Pinnacle Airlines CEO John Spanjers said, "Today's ruling gives Pinnacle a brief opportunity to reach an agreement that will provide the savings we need. Although the Court did not approve our proposed modifications in full, the Court gave the parties a clear road map to arrive at cost savings necessary for Pinnacle to emerge from bankruptcy as a viable, competitive company. We are hopeful that the Court's decision will facilitate a consensual resolution, and we will continue to devote every effort to that goal. Pinnacle continues to face severe financial challenges requiring urgent cost savings, but we now believe there is a path to achieving a competitive cost structure necessary to survive in our challenging industry." [more - original PR]