Sun Country repays DIP loan as reorganisation progresses
Sun Country Airlines says it has repaid in full the Debtor in Possession (DIP) financing loan it received in December 2008.
“This is a significant achievement as we continue to position Sun Country as a successful, profitable, low-fare airline based in the Twin Cities,” said president & CEO Stan Gadek. “Sun Country has become more efficient and financially stronger despite adverse circumstances. Our success is due to the loyalty and dedication of every member of the Sun Country team and the continuing strong support of our customers.”
While in bankruptcy protection, Sun Country’s focus as Minnesota’s “Hometown Airline” has remained the same: to restore itself as a profitable, nimble, and customer-friendly airline serving the travel needs of Minnesota and the region. “The response of our valued customers has been overwhelmingly positive and has been a significant factor in our turnaround,” Gadek added.
The airline is also projecting a profit for the first quarter and full year 2009 – its first in many years. Sun Country is pleased with its progress to date and expects to announce more positive news regarding new service and the reorganisation process in the days and months ahead. “We are doing things right and building a strong foundation for a solid future,” Gadek declared.