Sun Country files for bankruptcy, seeks independence

Sun Country Airlines filed for bankruptcy protection on Monday while assuring passengers that service would continue without interruption. The action came on the same day that a federal judge appointed a receiver to oversee the assets of Petters Group Worldwide, Sun Country's corporate parent. Under bankruptcy protection, however, the airline is exempt from receivership actions. "Controlling their own destiny is better than being sucked into the vortex of all of the issues of the Petters organization," said an attorney who has served on airline boards. "I think it's a positive move," CEO Stan Gadek said of the filing. "It's my goal to attract new capital and ownership to this company."

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Wall Street Journal, The · Bloomberg Businessweek · Star Tribune (Minneapolis-St. Paul, Minn.)

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