Pinnacle’s bankruptcy underlies growing weakness of US regional carriers | CAPA
Interesting account of the timeline and factors leading up to the BK declaration, including the fact that:
Initial negotiations between Delta and Pinnacle covering DIP financing began in Jan-2012 but ended when the two carriers failed to agree on the amount of funding and pricing. Talks that eventually led to the negotiated settlement began in Mar-2012.
So the decision to declare BK was made MANY moths ago, long before numbers 1 & 2 decided to stuff their pockets full of cash.