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.