Pinnacle Airlines Debtor-In-Possession financing approved

Pinnacle Airlines Corp. has received final approval from the United States Bankruptcy Court for the Southern District of New York for $74.3m in debtor-in-possession (DIP) financing. The funding is being provided by Delta Air Lines. As previously announced, $44.3m of the DIP financing will be used by Pinnacle to repay a secured promissory note held by Delta. The remaining $30m will be available to fund operations during the restructuring process.