This is good from a labor standpoint, that at least the judge didn't immediately screw you guys. It's incredibly bad in all other ways.

I am very sad to see that regional pilots have been made a 'commodity' and that experience is not valued in any way.

The 'best' case (for survival anyway) is that the company and union can reach an agreement or fix the three items they got dinged on and resubmit a proposal which the court said would almost certainly be approved. Only then MIGHT Delta continue to finance them. That would still have to happen for a period of time. Delta stated that they had no interest in providing additional financing to Pinnacle unless the labor costs were brought down. Even the concessions, if they are reached, might not satisfy Delta in this respect.

The 'second best' would be a controlled wind down. I don't think it would take as long as Comair or anything close to it. Months, maybe.

Then, Chapter 7. As someone earlier mentioned, that would leave planes and routes in disarray and is pretty unlikely as a means of initial dissoulution, but overall not impossible.

In my opinion, it looks like this is it for 9E. Their lack of liquidity was described by the judge as 'severe' and 'acute'. Delta is all they've got. According to the opinion, Delta included several clauses in their DIP agreement with Pinnacle that would immediately cancel the responsibilities of Delta and cause all money to be immediately due back to them. One of these clauses is that Pinnacle must have more than 25 million in liquid assets on the last day of each month. Considering that, as well as the various performance metrics imposed by the ASAs that will be infinitely harder to meet as the airline continues to lose staff and morale (low before and non-existent now), it's clear that Delta has a strangle-hold on Pinnacle. There are quite a few landmines for 9E to step on if Delta doesn't get their way.

I am proud of you guys for holding on and not taking their final offer. It was clearly over and above what they need to survive. Hopefully you will be able to work out something that at least allows some reflection of your hard work and dedication. Good luck.