Pinnacle sees net loss widen in February

Washington DC
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Pinnacle Airlines recorded a net loss of $4.3 million in February including reorganisation items, regulatory filings show.

The Memphis-based regional airline had realised a $4.1 million loss in January.

Pinnacle saw an operating loss of $382,000 in February. Operating revenues totalled $53.9 million and operating expenses were about $54.3 million for the month.

Pinnacle had $39 million in cash and equivalents at the end of February.

Pinnacle filed for bankruptcy protection on 1 April, 2012, and in January the court approved its agreements with creditors and unions to emerge from bankruptcy as a Delta Air Lines subsidiary. Pinnacle will eventually operate a fleet of 81 Bombardier CRJ900 aircraft for the mainline carrier, retiring its 140 CRJ200 aircraft over the next two to three years.

Earlier this month the bankruptcy court approved Pinnacle's disclosure statement detailing its proposed restructuring plan and a confirmation hearing following a period for creditors to vote on the plan is scheduled on 17 April.