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Sun Country Airlines, battling to survive a cash squeeze, filed for bankruptcy protection Monday in a move that separated itself from its majority stockholder, Tom Petters, whose other businesses have been taken over by a court appointee as part of a massive fraud case.
"We're not in bankruptcy because of our business model being broken," Stan Gadek, Sun Country's CEO, said in an interview. "We are in bankruptcy because of the recent events at Petters Group Worldwide."
Airline leaders say they expect to survive a cash crisis but warned of layoffs or a shutdown as early as Dec. 1 to comply with a 60-day notification law.
this is a Oct 6th article
10/6/2008,over a year ago