(Reuters) ? Pinnacle Airlines Corp (NSQ:PNCL ? News) filed for bankruptcy protection late on Sunday, as the U.S. regional airline fell victim to high fuel prices and dampened travel demand that has negatively impacted some of the major players in the industry.
In the past, upon facing financial trouble, United Continental Holdings Inc?s (NYS:UAL ? News) United Airlines and Delta Air Lines Inc (NYS:DAL ? News) have taken the Chapter 11 route to cut costs and later found merger partners. AMR Corp, the parent of American Airlines, had also filed for bankruptcy late last year.
In a filing with a U.S. bankruptcy court, Pinnacle said it seeks to resolve its operational and financial difficulties through the Chapter 11 process. It also seeks to implement a turnaround plan by cutting costs and restructuring certain agreements with major airlines.
Pinnacle is a regional airline headquartered in Memphis, Tennessee that provides transportation between hubs and smaller outlying cities for passengers ticketed by major carriers.
At present, Pinnacle?s primary customer is Delta Air Lines, with additional flying currently provided to United Airlines and, to a much lesser extent, US Airways.
In light of high fuel costs and weak travel demand, Pinnacle said major
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