Pinnacle receives court approval, targets 1 May bankruptcy exit

Washington DC
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Pinnacle Airlines received final bankruptcy court approval of its reorganisation plan today, allowing it to exit chapter 11 protection on 1 May.

The regional carrier will emerge as a subsidiary of Delta Air Lines with its operations built around a fleet of about 80 Bombardier CRJ900s and its headquarters relocated to Minneapolis-St. Paul from Memphis. It will retire 140 Bombardier CRJ200s in its fleet during the next three years, according to past court documents.

"The bankruptcy court's approval of our plan of reorganisation represents an important milestone in our restructuring," says Pinnacle.

The airline can exit bankruptcy protection at any time now but plans to do so on 1 May, it says. It filed for chapter 11 on 1 April 2012.

Judge Robert Gerber of the US Bankruptcy Court for the Southern District of New York approved the airline's reorganisation plan during a hearing in New York today.