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Pinnacle assigns portion of claim against Mesaba to Goldman Sachs
By Caroline Salls
Pittsburgh, Oct. 6 - Pinnacle Airlines, Inc. entered into an assignment of claim agreement with Goldman Sachs Credit Partners LP under which Pinnacle has assigned to Goldman Sachs all of its rights on a deficiency claim against Mesaba Aviation, Inc. in connection with Mesaba's Chapter 11 bankruptcy filing, according to an 8-K filing with the Securities and Exchange Commission.
The amount of the claim in the proof of claim filed in the bankruptcy court was $15.6 million.
Under the agreement, Goldman Sachs has agreed to pay Pinnacle 42% of the final allowed amount of Pinnacle's claim, which ultimately will be determined by a final bankruptcy court order.
Goldman Sachs has advanced $5.23 million to Pinnacle, which is equal to 80% of the purchase price.
The agreement contains a provision for an additional payment once the final allowed amount of the claim is determined.
Mesaba, an Eagan, Minn.-based Northwest Airlines affiliate, filed for bankruptcy on Oct. 13, 2005 in the U.S. Bankruptcy Court for the District of Minnesota. Its Chapter 11 case number is 05-39258.
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