Ramper@iah From United States of America, joined Dec 2001, 240 posts, RR: 1 Posted (12 years 4 months 4 weeks 23 hours ago) and read 875 times:
Northwest Announces Filing of Registration Statement for the Initial Public Offering of its Wholly Owned Subsidiary, Pinnacle Airlines Corp.
NEW YORK, Feb. 25 /PRNewswire-FirstCall/ --
Northwest Airlines Corporation (Nasdaq: NWAC - news) announced today that a registration statement has been filed with the SEC relating to the initial public offering of its regional airline subsidiary, Express Airlines I, Inc., which will be renamed Pinnacle Airlines Corp. All of the shares are being offered by an indirect wholly owned subsidiary of Northwest Airlines Corporation.
Express I, dba Northwest Airlink, provides Northwest with regional airline capacity at its domestic hub airports in Detroit, Minneapolis/St. Paul and Memphis and offers scheduled passenger service operating 34 Bombardier Canadair Regional Jets or CRJs and 24 Saab 340 turboprops with approximately 286 daily departures to 60 cities in 24 states. Northwest has agreed to increase Pinnacle's fleet to 83 CRJs by April 30, 2004.
Wow, First American Airlines announced it would sell part of American Eagle, then Continental announced it would sell Continental Express, now Northwest announces part of Airlink will be sold. Who will be next? I place my bet on Comair or Atlantic Southeast.
Azjubilee From United States of America, joined Apr 2000, 3888 posts, RR: 28
Reply 1, posted (12 years 4 months 4 weeks 22 hours ago) and read 840 times:
First of all, Northwest is not selling Northwest Airlink. Northwest Airlink is a BRAND NAME, like Delta Connection and United Express. Mesaba Airlines and Express Airlines I operate as Northwest Airlink.
With this hopefully clear, Northwest is selling their wholly owned subsidiary, Express Airlines I. This was announced last year sometime when Richard Anderson said that he sees no need for a major airline to own their regional affiliates. So, we knew this was coming, it was a matter of when.