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By Jim Douglas |
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September 13, 2010
- Sun Country Airlines announced the confirmation of its plan of
reorganization which allows the company to exit bankruptcy. The plan was
confirmed by Judge Robert J. Kressel during a court hearing this morning
in
?Today marks an important step
in the company?s emergence from bankruptcy,? said Stan Gadek, Sun
Country Airlines president and CEO. ?I wish to thank both our employees
and our customers who continued to support the company during this
process.
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?The plan?s
confirmation highlights the successful turnaround of Sun Country
Airlines which will emerge as a profitable and debt-free company.? Gadek
went on to say, ?Going forward, Sun Country is well positioned for
growth and success as The Hometown Airline.?
MN Airlines, LLC,
operating as Sun Country Airlines, is an American low-cost airline
headquartered in the Minneapolis-St. Paul suburb of
In 2000, Sun
Country announced plans to replace its entire fleet with new Boeing 737
next-generation aircraft, with deliveries beginning in 2001. As Sun
Country reinvented itself, heavy competition from local incumbent
carrier Northwest Airlines and the events of 9/11 caused a precipitous
drop in traffic and revenue.
Contrary to its
tradition of financial success and profitability, by the summer of 2001
the airline was bleeding money. After fighting to stay operational by
cutting flights, destinations, and planes, the company had to close its
doors on December 8, 2001. |
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