Pinnacle Airlines Corp.
| Company type | Public |
|---|---|
| OTC Pink: PNCLQ | |
| Industry | Transportation |
| Founded | 1985 |
| Defunct | 2013 |
| Headquarters | |
Area served | United States |
Key people | Donald J. Breeding (Chairman) Sean Menke (CEO) & (President) John Spanjers (Chief Operating Officer) Peter D. Hunt (CFO) Airline Services |
| Revenue | US$845 million(2009) |
| US$80.7 million(2009) | |
| US$41.9 million(2009) | |
Number of employees | 7,700 |
| Subsidiaries | Pinnacle Airlines |
Pinnacle Airlines Corporation was an American holding company headquartered in Memphis, Tennessee, and was the parent company of Pinnacle Airlines and Colgan Air until Colgan was closed down in 2012. The company contracted its airlines to fly in the aircraft livery of other airlines such as Delta Air Lines and United Airlines.[1] The company filed for bankruptcy protection under Chapter 11 in 2012[2] and emerged from Chapter 11 in 2013 as a wholly owned subsidiary of Delta Air Lines.[3] The company's only surviving airline, Pinnacle, became Endeavor Air.[4]
History
In the late 1990s, Northwest Airlines owned a subsidiary, Express Airlines I, Inc., that it wanted to break off as a separate entity. Pinnacle Airlines Corporation was created in January 2002 to hold the airline, which would be renamed Pinnacle Airlines, Inc. The changes took place on May 8, 2002. In November 2003, Pinnacle Airlines Corporation became a publicly traded company, using the ticker symbol PNCL on NASDAQ.[5]
In 2007, Pinnacle acquired Colgan Air, which continued to operate independently of Pinnacle Airlines, Inc.[6] The acquisition of Colgan Air was a $20 million strategic move in order to gain access to Colgan’s partners, Continental Airlines, United Airlines and US Airways.[7]
On July 1, 2010, Delta Air Lines sold Mesaba Airlines to Pinnacle in a $62 million transaction. Mesaba's fleet consisted of 41 CRJ-900s, 18 CRJ-200s, and several Saab 340 aircraft. After acquisition, Pinnacle merged all three subsidiary airlines into one. All pilots flying for Mesaba and Colgan eventually became pilots for Pinnacle Airlines, Inc.
On 1 April 2012, Pinnacle Airlines Corporation and subsidiaries filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.[8] The airline subsidiaries discontinued all operations of Saab 340 and Bombardier Q400 turboprop aircraft by the end of November 2012.[9] On May 1, 2013, Pinnacle Airlines Corporation emerged from chapter 11 reorganization as a wholly owned subsidiary of Delta Air Lines.[10] The company's main airline, Pinnacle Airlines, Inc., was renamed to Endeavor Air on August 1st, 2013[4] and the holding company ceased to exist.
Headquarters
Pinnacle Airlines Corp. had their headquarters in Memphis, Tennessee, near the airport.
In 2010 Pinnacle Airlines Corp. considered moving its headquarters to Downtown Memphis and to Olive Branch, Mississippi in Greater Memphis. Pinnacle selected One Commerce Square in Downtown Memphis. The Center City Commission, the City of Memphis, and Shelby County gave out $10 million in incentives, including free parking, to convince Pinnacle to move to Downtown Memphis.[11]
References
- ^ "Delta to sell Mesaba and Compass for $82.5 million". Flightglobal.com. 1 July 2010. Retrieved 1 July 2010.
- ^ "Pinnacle Airlines, Operator of Delta Connection, United Express, and US Airways Express Flights, Files Chapter 11". Frequent Business Traveler. 1 April 2012. Retrieved 1 April 2012.
- ^ "Pinnacle Airlines emerges from bankruptcy as a Delta subsidiary". May 1, 2013.
- ^ a b Phelps, David (January 25, 2013). "Pinnacle Airlines to move HQ, hundreds of employees to MSP". Minneapolis Star Tribune. Retrieved September 6, 2014. Cite error: The named reference "Pinmove" was defined multiple times with different content (see the help page).
- ^ "Company Profile, Information, Business Description, History, Background Information on Pinnacle Airlines Corp". Retrieved September 24, 2014.
- ^ "Pinnacle Airlines Corp. Announces Purchase of Colgan Air, Inc" (Press release). Pinnacle Airlines. 2007-01-18. Retrieved 2007-01-18.
- ^ Flight International, 23–29 January 2007
- ^ "Pinnacle Airlines, Operator of Delta Connection, United Express, and US Airways Express Flights, Files Chapter 11". Frequent Business Traveler. 1 April 2012. Retrieved 2 April 2012.
- ^ "Pinnacle Airlines, Operator of Delta Connection, United Express, and US Airways Express Flights, Files Chapter 11". Frequent Business Traveler. 1 April 2012. Retrieved 2 April 2012.
- ^ "Pinnacle Airlines emerges from bankruptcy as a Delta subsidiary". May 1, 2013.
- ^ Risher, Wayne. "Pinnacle's decision to move Downtown lifts hopes for other development." The Commercial Appeal. October 8, 2010. Retrieved on October 8, 2010.
External links
- Pinnacle Airlines Corp. (Archive)