The penny stock of Pinnacle Airlines Corp. (NASDAQ: PNCL) could be worthless even though the share price was 54 cents at the end of the last trading session. Pinnacle Airlines announced Friday that the U.S. Bankruptcy Court for the Southern District of N.Y. entered an order which imposes substantial restrictions on the penny stock. Trading in equity interests and debt claims against Pinnacle Airlines Corp. and affiliates will be more difficult, if not impossible, come Monday.
A copy of the order may be found here. Investors in the penny stock of Pinnacle Airlines with questions regarding the order can contact the representatives of the debtors at : 212-450-4000.
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The case number for Pinnacle Airline’s bankruptcy action is 12-11343.
The law firm of Davis, Polk & Wardwell LLP as well as Akin, Gump, Strauss, Hauer & Feld LLP will be serving as the Pinnacle Airline’s legal advisors in the restructuring.
Barclays Capital and Seabury Group LLC are serving as financial advisors.
About Pinnacle Airlines Corp.
Pinnacle Airlines Corp. (NASDAQ: PNCL) is a a $1 billion airline holding company that has 8,000 employees. They are also the parent company of Pinnacle Airlines, Inc. and Colgan Air, Inc. The company flies as Delta Connection, United Express and US Airways Express.
Pinnacle Airlines Corp., through its subsidiaries, operates 199 regional jets and 62 turboprops on more than 1,540 daily flights to 188 cities and towns in the U.S., Canada, Mexico and Belize. Corporate offices are located in Memphis, Tenn., and hub operations are located at nine major U.S. airports.
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