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Old Posted Jan 22, 2010, 4:56 PM
Johnny Ryall Johnny Ryall is offline
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Pinnacle Airlines secures $10M from Independent Bank

Memphis Business Journal

Pinnacle Airlines Corp. closed on a $10 million credit facility with Memphis-based Independent Bank. "The loan provides a working capital cushion and allows us to focus on our core business," Pinnacle president Philip H. Trenary said in a statement. The loan is designed to provide the Memphis-based airline holding company with additional working capital until it receives its 2009 federal income tax refund, estimated to be $38 million.

Separately, Pinnacle also modified its $25 million spare parts loan to reduce certain liquidity requirements. "These transactions enhance our liquidity and put us in a stronger financial position for 2010," Peter D. Hunt, vice president and chief financial officer at Pinnacle, said in a statement. Memphis-based Pinnacle Airlines Corp. (NASDAQ: PNCL) is the parent company of Pinnacle Airlines Inc. and Colgan Air Inc.
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