Pinnacle gets its anticipated tax refund
February 26, 2010Pinnacle Airlines Corporation has received its 2009 federal income tax refund totalling approximately $38 million.
The company also repaid a $10 million working capital loan upon receipt of the income tax refund.
"In early 2009, we created a plan to maintain a strong working capital position while repaying our $121 million par amount of 3.25% convertible notes in February 2010," said Peter Hunt, chief financial officer of Pinnacle Airlines Corp. "Receipt of this tax refund is the last step in our plan."
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