Steelworkers Object To Pinnacle's $74M DIP Deal With Delta

Law360, New York (May 11, 2012, 5:01 PM EDT) -- The United Steelworkers objected in a New York court Thursday to Pinnacle Airlines Corp.'s request for $74.3 million in financing, claiming the proposed package comes with conditions that would hamstring the bankrupt regional airline and impair collective bargaining with the union.

Pinnacle offers flights from hubs to smaller outlying cities for ticketed passengers of Delta Air Lines Inc. and United Airlines Inc. As part of its Chapter 11 filing, Pinnacle said it would obtain a $74.3 million debtor-in-possession loan from Delta.

The union, which represents approximately...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.