Pinnacoloba bankruptcy this week

[Inconceivable]

Let's see what Tom is eager to give back THIS time...

Pinnacle Airlines Corp. to Take Steps to Improve Liquidity and Profitability


MEMPHIS, Tenn., Dec. 8, 2011 /PRNewswire/ -- Pinnacle Airlines Corp.

(NASDAQ: PNCL) announced today that it has commenced a comprehensive program to reduce short- and long-term costs and enhance liquidity.
(Logo: http://photos.prnewswire.com/prnh/20110112/CL29411LOGO)

Planned initiatives include seeking modifications to the company's agreements with its mainline airline partners, equipment lessors, debt holders, real property lessors and vendors. The company will also seek to work with its pilots and other employees (both union and non-union) to reduce labor costs. As part of its efforts, the company will examine and further rationalize its business lines, organizational structure and executive and director level functions. (translation: some dead weight is getting laid off!)

Pinnacle Airlines Corp. has engaged the services of Seabury Group LLC's consulting division (the architect's of the NWA labor screwjob in 2005-7 and the Frontier BK and sale), Barclays Capital, and the law firm of Davis Polk & Wardwell LLP (bankruptcy and liquidation their specialty) to assist with these efforts.

"Pinnacle Airlines Corp. is facing a convergence of events that, if left unaddressed, will make 2012 an extremely challenging year," said Sean Menke, the company's President and Chief Executive Officer. "We have a great deal of hard work ahead of us, but these efforts are necessary to ensure we can operate as a profitable business for our shareholders, mainline flying partners, employees and other stakeholders."

About Pinnacle Airlines Corp.
Pinnacle Airlines Corp. (NASDAQ: PNCL), a $1 billion airline holding company with 7,800 employees, is the parent company of Pinnacle Airlines, Inc.; Mesaba Aviation, Inc.; and Colgan Air, Inc. Flying as Delta Connection, United Express and US Airways Express, Pinnacle Airlines Corp. operating subsidiaries operate 199 regional jets and 80 turboprops on more than 1,540 daily flights to 188 cities and towns in the United States, Canada, Mexico and Belize. Corporate offices are located in Memphis, Tenn., and hub operations are located at 11 major U.S. airports. Visit www.pncl.com for more information.
This press release contains various forward-looking statements based on management's beliefs, as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions, including those set forth in our filings with the Securities and Exchange Commission, which are available to investors at our web site or online from the Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove erroneous, actual results may vary materially from results that were anticipated or projected. The Company does not intend to update these forward-looking statements before its next required filing with the Securities and Exchange Commission.
Media Contact: Joe Williams (901-346-6162 / [email protected])
SOURCE Pinnacle Airlines Corp.
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Find this article at:
http://www.prnewswire.com/news-rele...ve-liquidity-and-profitability-135241693.html

 

[Inconceivable]

As part of its efforts, the company will examine and further rationalize its business lines, organizational structure and executive and director level functions.

Goodbye PinnPro, goodbye three levels of management, GOODBYE SANTICHRIST, hello single certificate consolidation.

Probable: goodbye 10-15% of 200 flying PER YEAR as allowed under the ASA. Hello voiding of the mega training and award bid as junior pilots are "rationalized" to the street.

Hey legacy 9E FOs: seniority really is everything! You may have felt slighted by the last upgrades, likely to be cancelled, but you won't be the one on the street in 2012. You get to be a Q pilot after all, just likely in the right seat.

Begin bashing away...but remember, I have yet to be proven wrong in the past twelve years with this company. Sometimes I wish I would be.

The stock is down 9% since opening...the market knows where this is heading.

 

[bri5150]

Inconceivable,

Do you have any idea what you are talking about? Tom spent a LOT of time fighting every little concession from the Mesaba bankruptcy. Not only that, we snapped back to our original rates with a big chunk-o-change in our 401k's. If that is what he is "eager to give back THIS time", then I'll take it.

Also, is there a provision in our crj 200 ASA to lose 10-15% of our fleet every year without a bankruptcy? I honestly don't know, but it seems unlikely because it hasn't been reduced yet and we know Delta is taking any and all means to getting rid of them.

 

[i fly boxes]

I always thought it was the stupidest idea to have two different airlines it makes no sense at all. Let's get rid of the pinnacle name (yes I work there) get out of that stupid downtown building and head up north to msp

 

[CptMurf]

Inconceivable,

Do you have any idea what you are talking about? Tom spent a LOT of time fighting every little concession from the Mesaba bankruptcy. Not only that, we snapped back to our original rates with a big chunk-o-change in our 401k's. If that is what he is "eager to give back THIS time", then I'll take it.

Also, is there a provision in our crj 200 ASA to lose 10-15% of our fleet every year without a bankruptcy? I honestly don't know, but it seems unlikely because it hasn't been reduced yet and we know Delta is taking any and all means to getting rid of them.

Only problem is now all of labor is fragmented. In 2006 TW was instrumental in forming a coalition between the Pilots/FAs/Mechs. We worked together, shared information, and put up a unified front against mgmt. strong arm tactics. Right now USW is screwing AFA (with litigation coming), the pilot group is fragmented, with groups of untrusting members and committee members wandering off on tangents. I doubt we could organize ourselves, more or less a unified employee front the likes of 2006.

 

[bri5150]

Only problem is now all of labor is fragmented. In 2006 TW was instrumental in forming a coalition between the Pilots/FAs/Mechs. We worked together, shared information, and put up a unified front against mgmt. strong arm tactics. Right now USW is screwing AFA (with litigation coming), the pilot group is fragmented, with groups of untrusting members and committee members wandering off on tangents. I doubt we could organize ourselves, more or less a unified employee front the likes of 2006.

This also isn't bankruptcy either...yet. It sounds dang close, but there is no "b" word in the article.

 

[XJohXJ]

If anyone can unify the labor groups for a fight, it's TW. Getting people to join together towards a common cause is what he most excels at.

 

[bri5150]

I always thought it was the stupidest idea to have two different airlines it makes no sense at all. Let's get rid of the pinnacle name (yes I work there) get out of that stupid downtown building and head up north to msp

:beer: That would be the best way to unify the company for sure. No Mesaba, no Colgan, no Pinnacle. All one airline with one headquarters/training area (I would prefer MSP because I live here, but whatever). I think we already lost most of our digs up here.

 

[jynxyjericho]

Let's call it SureJet!

Also Inconceivable, as the (concessionary) contract TW and MN got Mesaba was still better than Pinnacle's, maybe you ought to turn that critical eye on your past reps.

In any case, love him or hate him, it's TW show right now.

 

[General Lee]

I wanna know what the Mesaba flow ups to Delta WHO TURNED IT DOWN think now? Delta made $952 million in bag fees alone last year.


Bye Bye---General Lee

 

[e=mc2]

Yep I'm sure all the Pinn boys will jump on the ALPO Give Away Train. They have for sure forgot that TW boned them in the SLI, so enjoy the ride down the drain.

 

[i fly boxes]

I just hope this happens fast whatever it is

 

[xjhawk]

I wanna know what the Mesaba flow ups to Delta WHO TURNED IT DOWN think now? Delta made $952 million in bag fees alone last year.


Bye Bye---General Lee

You would be surprised at how many of the senior Mesaba pilots still think this place will be a good place to be the rest of their career. I mention to them about ASA's being rebid or terminated for the lower bidder and they say they are senior enough that they will still be able to hold MSP or DTW (where they live). I tend to think good for them, as they will not be competing with me to jump ship (Mesaba was a back up plan for me for my career-if I had to stay I would be happy as a captain in MSP where I live-but now that I was screwed by the ALPO merger policy-I will leave)

if you did not get the dig-ALPA's merger policy is about as good as the worst dog food out there-way to protect your members ALPA

 

[bri5150]

(Mesaba was a back up plan for me for my career-if I had to stay I would be happy as a captain in MSP where I live-but now that I was screwed by the ALPO merger policy-I will leave)

I agree. I used to think this was a great backup plan. I am not so much concerned about the integration messing that up as I am the big elephant in the room with the 200 ASA. Also the fact that all regionals are subject to complete failure. What would those senior guys say if you brought up Comair?

 

[Stifler's Mom]

$1.51....

52wk High/Date
8.68 / 1/3/2011

52wk Low/Date
1.40 / 12/8/2011

 

[General Lee]

You would be surprised at how many of the senior Mesaba pilots still think this place will be a good place to be the rest of their career. I mention to them about ASA's being rebid or terminated for the lower bidder and they say they are senior enough that they will still be able to hold MSP or DTW (where they live). I tend to think good for them, as they will not be competing with me to jump ship (Mesaba was a back up plan for me for my career-if I had to stay I would be happy as a captain in MSP where I live-but now that I was screwed by the ALPO merger policy-I will leave)

if you did not get the dig-ALPA's merger policy is about as good as the worst dog food out there-way to protect your members ALPA

Gimmee a break! One of the most junior planes at Delta is the MD88 FO in MSP...then goes DTW 320. The problem is most of those senior guys can't take a 1-2 year paycut, and that is short sighted. Those guys that didn't accept the flow up, are now probably thinking "wow, that wasn't smart."

As far as the ALPA merger policy goes, you just can't compare RJ companies to Legacies. No DOH policy will do. I still remember ASA guys jumping up and down when Delta bought ASA, thinking they would just blend in, DOH. One of their Captains was on our jumpseat, and he stated he had enough seniority to be a DL MD11 FO. We all laughed.


Bye Bye---General Lee

 

[jynxyjericho]

Gimmee a break! One of the most junior planes at Delta is the MD88 FO in MSP...then goes DTW 320. The problem is most of those senior guys can't take a 1-2 year paycut, and that is short sighted. Those guys that didn't accept the flow up, are now probably thinking "wow, that wasn't smart."

As far as the ALPA merger policy goes, you just can't compare RJ companies to Legacies. No DOH policy will do. I still remember ASA guys jumping up and down when Delta bought ASA, thinking they would just blend in, DOH. One of their Captains was on our jumpseat, and he stated he had enough seniority to be a DL MD11 FO. We all laughed.


Bye Bye---General Lee

Let's be clear, The first ~115 or so that turned it down was when the flow was still to NWA. That was a 7 year cut for guys who were 55 and above, so you do the math.

Also, lets be realistic, Delta isn't a career goal for some of those pilots who said no. Other guys don't care about the extra money at Delta, they make six figures without trying and get 18 days off.

Some of the problem is Delta's pay isn't enough for our older pilots to make the jump, and even after a bankruptcy most of these guys who have said no will still be able to hold 15 days off and +100K a year.

Besides, I heard a rumor the Avro is coming back.

 

[IamGumbyDammit]

Gimmee a break! One of the most junior planes at Delta is the MD88 FO in MSP...then goes DTW 320. The problem is most of those senior guys can't take a 1-2 year paycut, and that is short sighted. Those guys that didn't accept the flow up, are now probably thinking "wow, that wasn't smart."


Bye Bye---General Lee

You're a moron if think you it's about pay. The last AE put newbies as RES JFK88 FO. Hot bunk crashpad reserve to staff 3 bases in NYC=suck.

 

[On Your Six]

You're a moron if think you it's about pay. The last AE put newbies as RES JFK88 FO. Hot bunk crashpad reserve to staff 3 bases in NYC=suck.

Hi, I got hired in the last round with a lot of flow ups and I still hold DTW 320 FO, and I am now on 2nd year pay. The real reason a lot of those senior guys stayed at Mesaba was they didn't want to be an FO again, and they hope bigger planes will come down to them. Sorry, instead they get another pay cut. Not coming here was a mistake of a lifetime.


Godspeed!


OYS

 

[altimaklr]

A good chunk of the upper seniority list of regional airlines are lifetime losers. They think making $95k living in MSP or MEM is great, and they enjoy being the big fish in the small, polluted, little pond. Delta isn't missing much with these guys.