Losses at Pinnacle continue under bankruptcy

Victoria
By Victoria September 28, 2012 14:47

Losses at Pinnacle continue under bankruptcy

Pinnacle Airlines Corp. which filed for Chapter 11 bankruptcy protection on April 1, is continuing to lose money as it restructurers. In its August monthly operating report filed with the US Bankruptcy Court, Pinnacle posted a net loss of $5.7 million, with operating revenue of $71.6 million.
The airline’s operating costs were $73.9 for the month – the largest being salaries, wages and benefits at $31.7 million. Aircraft maintenance cost were steep at $14.4 million, with aircraft lease costs standing at $10.9 million.
In addition to the $2.3 million in August, the company paid $2.2 million in interest expenses and $1.1 million in reorganization items, among other expenses.
Pinnacle reported $36 million in cash and cash equivalents at the end of August.

Victoria
By Victoria September 28, 2012 14:47
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