Oct 31, 2006 2:37 pm US/Central
Petters Group Acquires Sun Country Airlines
Minneapolis (AP) ―
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The airline will keep the Sun Country name. (File)
Businessman Tom Petters said Tuesday his investment group had completed the acquisition of Sun Country Airlines, a low-cost carrier that flies a limited scheduled to popular leisure and business destinations.
The Petters Group Worldwide and Whitebox Advisors, a Twin Cities investment firm, closed the deal Tuesday after the Department of Transportation granted approval last week.
Sun Country's shareholders agreed in July to sell the Mendota Heights, Minn.-based carrier to Petters and Whitebox. The airline will keep the Sun Country name.
In a news release, Petters said the acquisition will provide the airline with the capital to continue growing. He said the airline would add aircraft and flights under the new ownership.
Terms of the deal were not announced.
The Petters Group has ownership or investments in more than 60 companies, and actively manages 20 of them.
Sun Country has said previously that it will operate 13 Boeing 737-800s this winter, one more than last season.
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Sun Country Airlines started operating in 1982, with 33 employees.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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