posted on April 02, 2012 16:41
The Airline that operated Flight 3407 that crashed in Clarence Center on February 12, 2009 has filed for Chapter 11 bankruptcy protection.
Pinnacle Airlines, the parent company of Colgan Air said they have filed for bankruptcy in order to deal with their mounting debt and that its current business model isn't sustainable.
The Memphis, Tenn. based airline also operates regional flights for Delta Connection, United Express and US Airways Express.
Pinnacle said they’ve received a commitment for $74.3 million in debtor-in-possession financing from Delta Airlines that will allow them to continue operate while they restructure.