Hopefully for their sake they remain their own carrier:
April 7
Twin Cities-based Sun Country Airlines has filed its proposed reorganization plan to emerge from bankruptcy protection. The court documents, which were filed on Monday in U.S. Bankruptcy Court, indicate that the airline's financial situation has improved markedly and that despite being unable to find a buyer for the carrier, it is prepared to move forward on its own.
Sun Country lost more than $500,000 in both 2007 and 2008, but advised the court that it made $1.4 million in 2009. Revenues were $202 million. In what is typically the stronger part of the year financially, the airline earned $1.9 million in January and February combined, with strong March results expected as well.
The plan proposed to the court has current owner Petters Aviation remaining as a shareholder, with smaller creditors receiving just 20 cents on the dollar. Sun Country filed for Chapter 11 bankruptcy protection in October of 2008 when its majority owner, Tom Petters, was arrested and charged with multiple counts of fraud bilking investors out of hundreds of millions of dollars.
In addition to now charging for in-flight food and checked baggage, Sun Country has eliminated some unprofitable routes and added new services such as the upcoming service to London planned for this summer. The airline, due to its very small size, has come under increased pressure in recent years by the arrival of both Southwest Airlines and AirTran at MSP, as well as the new American Airlines service just announced to New York's LaGuardia Airport. It continues to have to find niches to operate it's fleet of Boeing 737 aircraft.
Two prospective buyers had surfaced in recent months for Sun Country, but after thorough evaluation of the carrier by both un-named potential suitors, no offers were made from either. Votes by all parties involved in the bankruptcy are expected in June and at that time it is anticipated the airline will emerge from bankruptcy protection.