Pinnacle Airlines takes Chapter 11 bankruptcy

Pinnacle Airlines has filed for bankruptcy protection as high fuel prices claim another victim in the travel industry. A fall in demand for travel in a sluggish economy also played a role in the decision, the carrier said in a statement on Sunday. Pinnacle is illustrious company, with Delta Air Lines, American Airlines, United Airlines and Continental Airlines all having filed for Chapter 11 bankruptcy protection in the past decade. Pinnacle said it hopes to resolve ongoing operational and financial difficulties through the Chapter 11 process. The carrier will also seek to implement a turnaround plan by cutting costs and restructuring certain agreements with major airlines. Pinnacle is a regional airline headquartered in Memphis, Tennessee. It provides transportation between hubs and smaller outlying cities for passengers ticketed by major carriers.