Pinnacle Airlines, which operates regional flights for larger carriers, has announced it will seek to renegotiate debt agreements, flying contracts and union accords to cut costs. Shares in the airline fell 23% on the news. Chief Executive Officer Sean Menke said in a statement: “Pinnacle Airlines Corp. is facing a convergence of events that, if left unaddressed, will make 2012 an extremely challenging year”. The airline is reworking terms with lessors and vendors and shuffling management, to help boost liquidity. Seabury Group is advising the airline along with Barclays Capital and Davis Polk & Wardwell.

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