storminpilot
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Northwest Makes Pension Plan Contribution; Allocates Regional Jets
Monday September 15, 11:00 am ET
ST. PAUL, Minn., Sept. 15 /PRNewswire-FirstCall/ -- Northwest Airlines Corporation (Nasdaq: NWAC - News) today reported that it made total contributions equivalent to $369 million to its contract employee, pilot and management pension plans. The contributions were funded with 11.4 million shares of common stock of its subsidiary, Pinnacle Airlines Corp., and $60 million in cash.
The company made a voluntary $190 million contribution of Pinnacle stock to the pilot pension plan and required 2002 plan year contributions to the contract employee and management pension plans of $179 million (consisting of $119 million of Pinnacle stock and $60 million cash).
On January 15, 2003, Northwest contributed 1.9 million shares of the Pinnacle common stock to the pension plans to satisfy approximately $44 million of 2002 plan year funding requirements.
With these contributions, Northwest has met all contribution obligations due for pension plan year 2002 and for calendar year 2003.
Regional Jets
Northwest also announced that it has allocated the remaining 34 Canadair Regional Jets (CRJ) on firm order to Pinnacle Airlines. These regional jets are scheduled to be delivered through 2005. When these CRJs are delivered, Pinnacle will operate a fleet of 129 regional jetliners.
Northwest Airlines is the world's fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately 1,500 daily departures. With its travel partners, Northwest serves nearly 750 cities in almost 120 countries on six continents. In 2002, consumers from throughout the world recognized Northwest's efforts to make travel easier. A 2002 J.D. Power and Associates study ranked airports at Detroit and Minneapolis/St. Paul, home to Northwest's two largest hubs, tied for second place among large domestic airports in overall customer satisfaction. Readers of TTG Asia and TTG China named Northwest "Best North American airline."
For more information pertaining to Northwest, media inquiries can be directed to Northwest Media Relations at (612) 726-2331 or to Northwest's Web site at www.nwa.com .
http://biz.yahoo.com/prnews/030915/cgm029_1.html
Monday September 15, 11:00 am ET
ST. PAUL, Minn., Sept. 15 /PRNewswire-FirstCall/ -- Northwest Airlines Corporation (Nasdaq: NWAC - News) today reported that it made total contributions equivalent to $369 million to its contract employee, pilot and management pension plans. The contributions were funded with 11.4 million shares of common stock of its subsidiary, Pinnacle Airlines Corp., and $60 million in cash.
The company made a voluntary $190 million contribution of Pinnacle stock to the pilot pension plan and required 2002 plan year contributions to the contract employee and management pension plans of $179 million (consisting of $119 million of Pinnacle stock and $60 million cash).
On January 15, 2003, Northwest contributed 1.9 million shares of the Pinnacle common stock to the pension plans to satisfy approximately $44 million of 2002 plan year funding requirements.
With these contributions, Northwest has met all contribution obligations due for pension plan year 2002 and for calendar year 2003.
Regional Jets
Northwest also announced that it has allocated the remaining 34 Canadair Regional Jets (CRJ) on firm order to Pinnacle Airlines. These regional jets are scheduled to be delivered through 2005. When these CRJs are delivered, Pinnacle will operate a fleet of 129 regional jetliners.
Northwest Airlines is the world's fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately 1,500 daily departures. With its travel partners, Northwest serves nearly 750 cities in almost 120 countries on six continents. In 2002, consumers from throughout the world recognized Northwest's efforts to make travel easier. A 2002 J.D. Power and Associates study ranked airports at Detroit and Minneapolis/St. Paul, home to Northwest's two largest hubs, tied for second place among large domestic airports in overall customer satisfaction. Readers of TTG Asia and TTG China named Northwest "Best North American airline."
For more information pertaining to Northwest, media inquiries can be directed to Northwest Media Relations at (612) 726-2331 or to Northwest's Web site at www.nwa.com .
http://biz.yahoo.com/prnews/030915/cgm029_1.html
