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Additional Details On Sun Country Ch 11  
User currently offlineLatinAviation From United States of America, joined Nov 2003, 1277 posts, RR: 14
Posted (5 years 11 months 2 days 1 hour ago) and read 2802 times:

Some additional details on Sun Country's financial position were released as part of the filing yesterday.

Sun Country Airlines, the Mendota Heights-based carrier that filed for bankruptcy amid a fraud probe of its owner, told a judge the airline has $108.2 million of debt held mostly by unsecured creditors.

Claims that aren’t backed by collateral total $98.9 million, including customer ticket deposits of $32.3 million and Sun Credit LLC’s claim of $27.2 million, the carrier said in papers filed Nov. 21 in U.S. Bankruptcy Court in St. Paul.

Sun Country, which leases its nine planes, has assets of $55.2 million, according to the 280-page outline of its financial affairs. The carrier placed a $3 million value on its trademarks, including “Comfortably Low Fares” and “Smile Awards.”


http://www.finance-commerce.com/arti...-reveals-total-debt-of-108-million

Another article is posted here:
http://www.startribune.com/business/...KArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aUU

5 replies: All unread, jump to last
 
User currently offlineDavescj From United States of America, joined Jun 2007, 2307 posts, RR: 0
Reply 1, posted (5 years 11 months 2 days ago) and read 2755 times:

It will be interesting to see if they make it out of Chapter 11. I just glanced at their website and they are still selling tickets. I hope -- for those with tix -- that they will keep flying. But, with the economy the way it is, it has to be difficult to keep going when vacation travel isn't a priority for people.

Dave



Can I have a mojito on this flight?
User currently offlineSunking737 From United States of America, joined Feb 2005, 2056 posts, RR: 9
Reply 2, posted (5 years 10 months 4 weeks 1 day 17 hours ago) and read 2307 times:

This information was found out after doing some digging that White Box Advisors who put money in with Petters to buy SY, also owns Sun Credit, who let SY $ 27.2 million.

They, WBA just formed a new LLC on Monday called Minnesota Hometown Airline Financial, They want to lend SY money at 18% interest.

SY is trying to get $9.5 million from Elite Landings another Petters Company, who received that money back from Airbus as deposits on the planes Petters Aviation was going to sell in the US as biz jets. If they can't get the $9.5 then I think they are going to get money from MHAF. SY says they will pay back the money from Elite by winters end.

Stay tuned



Just an MSPAVGEEK
User currently offlineLatinAviation From United States of America, joined Nov 2003, 1277 posts, RR: 14
Reply 3, posted (5 years 10 months 3 weeks 3 days ago) and read 1938 times:

The judge approved the loan from Elite yesterday:
http://www.startribune.com/business/...iiUiD3aPc:_Yyc:aULPQL7PQLanchO7DiU


User currently offlineSunking737 From United States of America, joined Feb 2005, 2056 posts, RR: 9
Reply 4, posted (5 years 10 months 3 weeks 3 days ago) and read 1907 times:

This information was also posted on these forums last night,

http://www.airliners.net/aviation-fo...eneral_aviation/read.main/4189418/

http://www.airliners.net/aviation-fo...eneral_aviation/read.main/4230882/



Just an MSPAVGEEK
User currently offlineGSPSPOT From United States of America, joined Sep 2003, 3076 posts, RR: 2
Reply 5, posted (5 years 10 months 3 weeks 2 days 17 hours ago) and read 1734 times:

Well, at least fuel prices are back down for the time being. I sure do wish them luck!


Finally made it to an airline mecca!
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