Two stories today kind of come together here
As its parent company faces legal troubles, Sun Country Airlines announced it is deferring 50 percent of its employees� wages through the end of the year.
Sun Country CEO Stan Gadek sent a letter to employees Monday saying, �we must now become financially independent of our parent company.�
Sun Country is a unit of Petters Worldwide Group. Last week, authorities raided Petters� headquarters and several homes.
...Sun Country is in its slowest period of the year and Gadek says under normal circumstances, the company would request a short-term loan from Petters Worldwide. Now, he says, that option isn�t available.
In a normal financial market, Plan B would be to go to a bank for short-term liquidity. Not now
Labels: banking, economics