Originally Posted by
johnso29
Pinnacle wasn't liquidating. They would've stayed in business without Delta's help. They had other creditors lined up. As a matter of fact, there was a lawsuit filed to attempt to stop Delta from financing Pinnacle's exit from BK. Someone else wanted to do it.
Johnso, you're correct, but I believe your timing is off. PCL had a real liquidity problem, and absent Delta financing they would have liquidated. The serious counter-offers came about after the new PCL business plan was formulated, and after our contract was in place, if memory serves.