Sun Country Files Chapter 11

From TwinCities.com

Quote:

Sun Country files for bankruptcy
By John Welbes
[email protected]
Article Last Updated: 10/06/2008 01:49:24 PM CDT

Sun Country Airlines notified the Metropolitan Airports Commission today that it has filed for Chapter 11 bankruptcy reorganization. The Mendota Heights-based low-cost carrier has run into financial trouble in recent weeks after its parent company, Petters Group Worldwide, became the focus of a federal fraud investigation. Sun Country has not been implicated in the scheme, but Petters had loaned the airline money at lean times of the travel season, and that cash isn't available now. Calls to Sun Country for comment today weren't immediately returned. Companies that reorganize in bankruptcy typically continue operating as they work out deals with creditors