Sun Country Airlines Files for Bankruptcy
Sun Country Airlines filed for bankruptcy Monday, days after its parent company's founder was charged for multimillion dollar fraud involvement. (Minnesota Daily) The founder of the parent company, Petters Group Worldwide, is under federal investigation for mail fraud, wire fraud, money laundering and obstruction of justice in a supposed years-long scheme to defraud investors of more than $100 million.
Sun Country intends to operate on its normal schedule, according to airline Chairman and CEO Stan Gadek.
Gadek said declaring bankruptcy "allows us to stand on our own, uncouple from the organization and move forward."
Employees of Sun Country were told to be prepared for major layoffs or even shutdown of the company as early as Dec. 1, though the company informed that it issued that letter in compatibility with legal requirements, and it has no intention of severely cutting its work force or shutting down.