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WASHINGTON -(Dow Jones)- Pinnacle Holdings Inc.'s (BIGT) auditor Ernst & Young LLP (X.EYG) said the company's troubled financial condition raises substantial doubt about its ability to continue as a going concern. In Pinnacle's annual report filed late Tuesday with the Securities and Exchange Commission, the auditor cited the company's recurring operating losses, working capital deficiency, and its out of compliance with certain loan agreement covenants. As reported, Pinnacle expects to file for Chapter 11 bankruptcy protection as its attempts to complete a reorganization. The company isn't in compliance with covenants under its senior credit line and, on March 15 ,...

Monday April 15, 9:31 am Eastern Time Press Release SOURCE: Pinnacle Holdings Inc. Pinnacle Holdings Inc. Announces It Is Pursuing Extension of Limited Forbearance On Senior Credit Facility SARASOTA, Fla., April 15 /PRNewswire-FirstCall/ -- Pinnacle Holdings Inc. (Nasdaq: BIGT - news; ``Pinnacle Holdings'') today announced that the previously announced forbearance agreement that it and its subsidiaries (collectively, ``Pinnacle''), including Pinnacle Towers Inc. (``Pinnacle Towers''), entered into on November 16, 2001, as amended on December 12, 2001, February 6, 2002 and as amended and restated on March 8, 2002, with the lenders under their senior credit facility expired late Friday, April...