|
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.
|