Another Airlines Teeters on the Brink of Bankruptcy (PNCL, DAL, UAL)

Regional carrier Pinnacle Airlines Corp. (NASDAQ: PNCL) has said that the company has initiated a program to help it cut costs and raise liquidity. According to the company’s press release:

Planned initiatives include seeking modifications to the company’s agreements with its mainline airline partners, equipment lessors, debt holders, real property lessors and vendors. The company will also seek to work with its pilots and other employees (both union and non-union) to reduce labor costs. As part of its efforts, the company will examine and further rationalize its business lines, organizational structure and executive and director level functions.

The company, which provides contract regional services to Delta Air Lines Inc. (NYSE: DAL) and United Continental Holdings Inc. (NYSE: UAL), posted an adjusted EPS loss of -$0.09 in its most recent quarter. The company recently reached new labor agreements with flight attendants and pilots, and the added costs of the new contracts dragged profits down.

Shares have fallen more than -21% today, to $1.50 currently, after posting a new 52-week low of $1.40 earlier in the day. The 52-week high is $8.68.