Pinnacle poised to expand fleet
Charlie Lunan
2/2/2007
Flush with $283 million in cash from the sale of its bankruptcy claim against Northwest Airlines, Pinnacle Airlines could buy as many as 17 aircraft in 2007, its executives told investors Thursday.
Pinnacle disclosed the news at the Growth Airline Conference sponsored by Raymond James in New York. Memphis, Tenn.-based Pinnacle netted $233 million in cash by selling its $335 million Northwest claim, executives said.
They said that provides the opportunity to buy up to 17 aircraft in 2007.
In an interview after the conference, Pinnacle chief financial officer Peter Hun told
Aviation Daily that Pinnacle might buy larger turboprops to boost the fleet at Manassas, Va.-based Colgan Air. Pinnacle acquired the regional airline for $20 million last month. Colgan flies 39 34-seat Saab 340s and 11 19-seat Beech 1900Ds for Continental, United and US Airways.