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Pinnacle Airlines says it’s bankrupt

Associated Press

  April 03, 2012

Pinnacle Airlines Corp., a regional carrier that flies under contract for Delta, United, Continental and US Airways, has filed for bankruptcy protection to deal with its mounting debt. The Memphis, Tenn.-based airline said late Sunday its current business model isn’t sustainable. In its filing Sunday, it lists $1.42 billion in debt and $1.54 billion in assets. It ended the third quarter - the most recent quarter for which financial results are available - with just $81.8 million in cash and cash equivalents.

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