|Published:||Sep 10, 2010 9:10 PM EDT|
|Updated:||Sep 10, 2010 6:08 PM EDT|
MINNEAPOLIS (AP) - Sun Country Airlines says a bankruptcy judge has approved its reorganization plan, putting it another step closer to emerging from Chapter 11 protection.
Sun Country says a federal bankruptcy judge in Minneapolis confirmed the plan on Friday. Creditors have also approved it.
The two biggest creditors are the hedge fund Whitebox Advisors and a court-appointed receiver managing the assets of Sun Country's former owner, Tom Petters. Fraud allegations at Petters' other businesses led to a 50-year prison sentence.
The airline, based in St. Paul, Minn., flies nine aircraft, mostly from Minnesota to vacation destinations.
The bankruptcy covers MN Airlines LLC, which does business as Sun Country. It says it will emerge from bankruptcy debt-free.
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