Pinnacle Airlines is still in discussions with "multiple groups" after passing a self-imposed deadline on 16 January to complete an internal restructuring plan aimed at avoiding a potential bankruptcy filing.
Since 8 December, the Memphis-based regional affiliate for several US mainline carriers has been trying to arrange a deal with labour and other groups to boost the airline's liquidity and lower short- and long-term costs.
Last week, the United Steelworkers Union representing employees at Pinnacle and its subsidiary -- Colgan Air -- revealed that management negotiators intended to finalise a restructuring plan on 16 January. The union also warned that failure to reach agreements with labour and other parties could force the airline to file for bankruptcy.
One day after its internal deadline passed, Pinnacle confirmed the restructuring plan is still a work in progress.
"Discussions with multiple groups are in progress," Pinnacle said.
The carrier has spent nearly six weeks in discussions with stakeholders including its mainline carrier partners, lessors, banks, and employee groups. Meanwhile, Pinnacle is considering options to its rationalise business lines and organisational structure.
Pinnacle's mainline partners are Delta Connection, United Express and US Airways Express.