Pinnacle Airlines Corp. announced Thursday, Jan. 26, it has reached an agreement with Export Development Canada to defer $16.6 million in loan payments that were due from the Memphis-based regional air carrier to EDC starting Jan. 14 through the end of March until April 2.

The $16.6 million is an aggregate amount and the loan also includes the name Colgan Air Inc., a Pinnacle subsidiary that Pinnacle bought in Jan. 2007.

Copies of the agreement filed with the Securities and Exchange Commission indicate the loan was for Q400 aircraft.

Pinnacle CEO Sean Menke acknowledged earlier this month that the company is attempting to renegotiate such agreements with lenders as well as contracts with labor unions and with the global air carriers Pinnacle serves under different brand names. The company has proposed five percent wage cuts for employees represented by the United SteelWorkers according to union leaders.

Menke has said turning around the company has proven more difficult than he originally thought when he became CEO in 2011 and he has also said Pinnacle is considering filing for chapter 11 bankruptcy protection.