Sun Country Airlines Beats The Majors Every Year
Sun Country Airlines has its own story that tells about a smaller airline fighting to survive in recent difficult economic times and coming out on top. The fact that Sun Country still exists today, granted by the help of outside intervention, attests to the tenacity and leadership of this regional carrier. Yes, we all know that it is very challenging for any small regional carrier to stay profitable and flying. Even though Sun Country entered into bankruptcy reorganization in the latter months of 2010, all is not lost since they are not completely out of business. What that decision means is their bank creditors and the bankruptcy courts strongly believe Sun Country should not go out of business – so that is tremendous news for them. This airline is different in many respects due to their global recognition for providing excellent service.
In 1991, times were fantastic for Sun Country Airlines in many ways. The hit all time earnings of $10 million in annual revenue. Their number of employees was at an all time high and they were operating a record number of aircraft. When you look at the entire picture, then that is easy to see how they could pull that off. In those days, Sun Country flew to European destinations and even began flying military charter services to various points in the Middle East. All the while they remained committed to doing more and going farther to earn the trust and praise of their customers – the passengers.
In the fall of 2010, the airline was fully involved with bankruptcy proceedings and a plan for reorganization was in place. The final approval is based on a judge’s review of the case and then issue a decision. But it is not always just the judge because all the applicable creditors will naturally want to see the plan, too. As you may know, during these kinds of proceedings the creditors must be repaid in some fashion. When these processes occur, there is a distribution of value in the form of cash plus equity from the business.
Sun Country Airlines offers aircraft leasing options, and the two basic choices are a wet lease or a dry lease. A wet lease (ACMI – Aircraft, Crew, Maintenance and Insurance) is actually a very common type of aircraft lease arrangement. In this option, Sun Country will take reins over all factors for the operation of the aircraft even though it is a leased arrangement. Sun Country goes above and beyond to accommodate its clients requests and this makes flexibility of leasing durations possible. The fact is that many wet leases last for a period of time lasting anywhere from several months to possibly several years. Recent times have been hard for Sun Country Airlines, but that is not surprising considering the global economy. Sun Country has weathered many storms along the way, just like any other airline, and their experienced and dedicated employees know how to turn things around. They certainly have enough experience to know what needs to be done. The turn of events in the global economy is beyond their control. We have every confidence about their ability to come back stronger than before.
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