Sun Country: Plan of reorganization effective date is Feb. 23

By Lisa Kerner

Charlotte, N.C., Feb. 16 - Sun Country Airlines' plan of reorganization will become effective on Feb. 23, according to a Feb. 16 filing with the U.S. Bankruptcy Court for the District of Minnesota.

The company requested that the plan become effective ahead of pending U.S. Department of Transportation approval.

As previously reported, the company's second amended plan was confirmed on Sept. 10. After that, Sun Country said it submitted required information to the DOT to obtain approval of the new equity structure.

U.S. law requires foreign interests to hold less than 25% of the voting equity of a domestic airline.

Sun Country is a subsidiary of Petters Aviation, LLC owner MN Airlines Holding, Inc. The company filed for Chapter 11 bankruptcy on Oct. 6, 2008. Its Chapter 11 case number is 08-35197.

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