Sun Country's turbulent past

1982 Backed by several Twin Cities investors, Sun Country is built by a group of pilots and flight attendants from the defunct Braniff International Airlines.

January 1997: Milwaukee businessman Bill La Macchia Sr. announces his intent to purchase Sun Country.

December 2001: Ceases flying operations and files for bankruptcy, after price wars and the Sept. 11 attacks.

January 2002: Creditors force Sun Country into Chapter 7 liquidation. Key assets bought by an investor group in January.

April 2002: Recalls employees and restarts operations.

Fall 2006: Acquired by Petters Group Aviation, owned by Tom Petters, and Whitebox Advisors. Petters bought out part of the Whitebox stake a year later.

March 2008: With the company struggling, Stan Gadek, former AirTran and Northwest executive, becomes CEO and president.

Sept. 29, 2008: Petters, under investigation for fraud, resigns as chairman. Gadek institutes a temporary 40 percent pay cut. He takes a full pay cut.

October 2008: Sun Country files for Chapter 11 protection in a move that separates it from Petters, whose other businesses were taken over by a court appointee.

December 2008: Pay is restored and repayment of deferred wages with interest begins. Reported a $1 million profit for the fourth quarter, compared with an $18.4 million loss in the year-ago period.

April 5, 2010: Reorganization plan filed in which the creditors become owners.

February 2011: Sun Country emerges from bankruptcy.