Posted on: 11 September 2010 by Mark Howells
Sun Country Airlines has announced that its Plan of Reorganization, which allows the company to exit Chapter 11 bankruptcy protection, has been confirmed by Judge Robert J. Kressel during a court hearing in Minneapolis and was also overwhelmingly approved by the creditors eligible to vote.
The plan provides for cash payments to certain creditors, as well as a distribution of equity in the reorganised company to other creditors.
“Today marks an important step in the company’s emergence from bankruptcy,” declared 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. The plan’s confirmation highlights the successful turnaround of Sun Country Airlines which will emerge as a profitable and debt-free company.”