The tentative deal with the Air Line Pilots Association (ALPA) includes an immediate 9% pay cut with annual pay rate increases of 1% from 2015 to 2019, as well as a lower top-of-scale wage for captains and first officers. It also lowers training pay, increases employee contributions for medical insurance, reduces paid vacation time, cuts 401(k) matching pension contributions, restructures the vacancy-filing process, eliminates certain restrictions on using reserve pilots and changes the ways open time is assigned and paid.

The accord, however, establishes a profit-sharing plan, and ALPA will be granted a general non-priority unsecured claim under the bankruptcy code of about $139 million each against Pinnacle Airlines, Mesaba Aviation and Colgan Air, all Pinnacle subsidiaries.