Item 1.01 Entry into a Material Definitive Agreement

On January 30, 2009, Pinnacle Airlines Corp. and its wholly owned subsidiary, Colgan Air, Inc. ("Colgan"), (collectively, the "Company"), entered into a short-term pre-delivery payment financing facility (the "Facility") with Export Development Canada ("EDC") to finance certain ongoing pre-delivery payments under Colgan's aircraft purchase agreements. Draws under the Facility will bear interest at the 6 month LIBOR rate plus 2.50%. Upon execution, the Company received approximately $4.9 million as an advance under the Facility for pre-delivery payments payable to the aircraft manufacturer. The Company will repay a portion of the Facility to EDC prior to the delivery of each related aircraft covered under the Facility. In accordance with generally accepted accounting principles, the Company will capitalize all interest expense related to the financing of pre-delivery payments as part of the acquisition cost of the related aircraft. The Company expects that the Facility will be fully repaid prior to July 31, 2011.