Pinnacle Airlines plan OK'd by three of four voting creditor classes

By Caroline Salls

Pittsburgh, April 12 - Pinnacle Airlines Corp.'s plan of reorganization was accepted by voting creditors in three classes and unanimously rejected by voting creditors in the punitive damages claims class, according to an April 12 filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the 11 holders of $11 in punitive damages claims voted to reject the plan.

The two holders of a total of $162.86 million in union claims both voted to accept the plan.

A total of 218 holders, or 81.95% in number, of $424.67 million, or 98.88% in amount, of general unsecured claims voted to accept the plan, while 48 holders, or 18.05% in number, of $4.83 million, or 1.12% in amount, of those claims voted to reject the plan.

According to the filing, the one holder of EDC facilities claims did not submit a ballot. As a result, that class is deemed to have accepted the plan.

The plan confirmation hearing is scheduled for April 17.

Pinnacle, a Memphis, Tenn.-based operator of a regional airline, filed for bankruptcy on April 1, 2012. Its Chapter 11 case number is 12-11343.

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