Sun Country Airlines Put Up for Sale
{{#rendered}} {{/rendered}}Sun Country Airlines has been put up for sale and needs an infusion of cash, an airline spokeswoman said Thursday.
The Mendota Heights-based carrier, which has not made a profit since it came under new ownership in 1998, also could cut some of its 1,000 workers as early as Friday, Sun Country spokeswoman Tammy Lee said.
``We have already begun discussions with potential investors, and there is some interest out there,' Lee said, adding, ``we need a fairly immediate cash infusion.''
{{#rendered}} {{/rendered}}The owner of Sun Country, Milwaukee-based tourism and travel entrepreneur Bill La Macchia, has been underwriting losses. He has removed himself from the board of directors and given full decision-making power to president and chief executive David Banmiller, Lee said.
Lee would not say how long La Macchia would underwrite Sun Country's losses.
Sun Country also was seeking wage concessions from its employees, Lee said. In addition, she said Banmiller is reviewing all routes flown by Sun Country. The airline's fleet plan also was under review.
{{#rendered}} {{/rendered}}Lee would not say how long Banmiller has to sell the airline, or raise enough money to keep it going. Sun Country will continue to operate while it seeks a financial rescue.
The announcement comes as Sun Country has received $8.2 million from the federal airline package passed after the Sept. 11 terror attacks. That's about half of what the airline will receive.