Global Ordnance and Sparkz disclose plans for 500,000 US-made UAV batteries a year
The companies have outlined plans for US$25 million manufacturing lines and initial deliveries in 2027 as Washington tightens restrictions on Chinese UAV components.
Pinnacle obtains $10m credit facility
Pinnacle Airlines Corporation has closed on a $10 million credit facility with Independent Bank of Memphis, Tennessee.
“We are delighted to establish this relationship with Independent Bank, one of Memphis’s premier financial institutions. The loan provides a working capital cushion and allows us to focus on our core business,” noted Phil Trenary, the Corporation’s president.
The loan is designed to provide Pinnacle with additional working capital until it receives its 2009 federal income tax refund, estimated to be $38 million.
Separately, Pinnacle also modified its $25 million spare parts loan to reduce certain liquidity requirements.
“These transactions enhance our liquidity and put us in a stronger financial position for 2010,” said Peter Hunt, vice-president and chief financial officer.
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