Pinnacle Airlines filed for Chapter 11 bankruptcy protection April 1 and has 90 days to win court confirmation of a plan of reorganization that is “reasonably acceptable” to Delta Air Lines. In fact, Memphis, Tenn.-based Pinnacle has to answer a lot to Delta, which is providing the U.S. regional carrier with $74.3 million in debtor-in-possession financing. Delta also agreed to convert the DIP into a five-year exit term loan when the airline is ready to emerge from Chapter 11, “providing ...

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