Pinnacle obtains $10m credit facility
January 14, 2010Pinnacle Airlines Corporation has closed on a $10 million credit facility with Independent Bank of Memphis, Tennessee.
"We are delighted to establish this relationship with Independent Bank, one of Memphis's premier financial institutions. The loan provides a working capital cushion and allows us to focus on our core business," noted Phil Trenary, the Corporation’s president.
The loan is designed to provide Pinnacle 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," said Peter Hunt, vice-president and chief financial officer.
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