LatinAviation From Ireland, joined Nov 2003, 1276 posts, RR: 15 Posted (5 years 4 months 3 weeks 4 days 11 hours ago) and read 2669 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.”
Davescj From United States of America, joined Jun 2007, 2292 posts, RR: 0
Reply 1, posted (5 years 4 months 3 weeks 4 days 10 hours ago) and read 2622 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.
Sunking737 From United States of America, joined Feb 2005, 2021 posts, RR: 9
Reply 2, posted (5 years 4 months 3 weeks 2 days 3 hours ago) and read 2174 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.