Reuters: Bankruptcy News: UPDATE 1-Pinnacle Airlines files for bankruptcy

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UPDATE 1-Pinnacle Airlines files for bankruptcy Apr 2nd 2012, 03:45 Sun Apr 1, 2012 11:45pm EDT April 1 (Reuters) - Pinnacle Airlines Corp said late on Sunday it filed for bankruptcy protection to resolve its operational and financial difficulties and implement a turnaround plan. The regional airline said it has received a commitment for $74.3 million of debtor-in-possession (DIP) financing from Delta Air Lines. As part of the bankruptcy plan, Pinnacle said it would restructure its key operating agreements with Delta Air lines and would wind down its operations with United Airlines. The company said it would also look to achieve cost savings from its workforce but did not provide further details in its statement. Pinnacle had listed estimated assets and liabilities above $1 billion, according to a court filing. In the past, United Continental Holdings Inc's United Airlines and Delta Air Lines Inc have taken the Chapter 11 route to cut costs and later found merger partners. In November, AMR Corp, the parent of American Airlines, also filed for bankruptcy. The case is Pinnacle Airlines Corp, Case No. 12-11343, U.S. Bankruptcy Court, Southern District of New York.

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