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Mainlines Cutting Regionals Loose?

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Jungle Prop

Living the dream - NOT
Nov 28, 2001
Express Airlines I - IPO
Northwest Announces Filing of Registration Statement for the Initial Public Offering of its Wholly Owned Subsidiary, Pinnacle Airlines Corp.
NEW YORK, Feb. 25 /PRNewswire-FirstCall/ --

Northwest Airlines Corporation (Nasdaq: NWAC - news) announced today that a registration statement has been filed with the U.S. Securities and Exchange Commission relating to the initial public offering of its regional airline subsidiary, Express Airlines I, Inc., which will be renamed Pinnacle Airlines Corp. All of the shares are being offered by an indirect wholly owned subsidiary of Northwest Airlines Corporation.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being lead-managed by Morgan Stanley, the sole bookrunner. Co-managers of this offering will be named after filing.

Pinnacle Airlines Corp. provides Northwest with regional airline capacity at its domestic hub airports in Detroit, Minneapolis/St. Paul and Memphis and offers scheduled passenger service operating 34 Bombardier Canadair Regional Jets or CRJs and 24 Saab 340 turboprops with approximately 286 daily departures to 60 cities in 24 states. Northwest has agreed to increase Pinnacle's fleet to 83 CRJs by April 30, 2004.

When available, a copy of the preliminary prospectus relating to the offering may be obtained from Morgan Stanley at 1585 Broadway, New York, NY 10036, (212) 761-4000.

This along with Coex and AMR dumping the San Juan Eagle operation, is Delta thinking of ASA and Comair next? They are already using Skywest and ACA to take Delta Connection flying. :eek:

This is just another example of what has been discussed at other places on these boards.
From consolidation and majors wholly owning their regionals, we have come full circle. Now it is divorce time, profitably of course.

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