Pinnacle purchases $20 million of preferred share from Northwest Airlines

Pinnacle Airlines Corp. has purchased its Class A Preferred Share from Northwest Airlines Corp. at a purchase price of $20 million. The purchase is in accordance with the Airline Service Agreement between Pinnacle and Northwest agreed to a year ago. “This is the last step in the process of becoming independent that began with our IPO in 2003, and well-positions us to take advantage of future opportunities” said Philip H. Trenary, Pinnacle’s President and Chief Executive Officer.

Pinnacle’s contract with Northwest runs through 2017.

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