Pinnacle Airlines Corp, parent of Pinnacle Airlines and Colgan Air, filed for bankruptcy protection, the latest victim of high fuel prices and dampened travel demand. Memphis, Tennessee-based Pinnacle operates as various regional airlines - most notably Delta Connection - for bigger-name partners including Delta Air Lines, United Airlines and US Airways.
Pinnacle, in a filing late on Sunday, said it would rework its contracts with Delta and end flying for United and US Airways. The company also wants to cut its labour and operating costs. The US airline industry has been battered by soaring fuel costs and economic weakness that has drained travel demand. Regional carriers have felt the squeeze as their major partners cut back on flights to smaller cities.
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