Sun Country Airlines has filed for Chapter 11 bankruptcy after it ran into a cash crunch following Tom Petters FBI raid on his business headquarters and home and the subsequent arrest for fraud allegations involving his companies. This according to an article published by the Wall Street Journal early this evening.

Petters is the founder of The Petters Group, which owns and operates Polaroid, Fingerhut, Sun Country and other businesses. His is charged with mail and wire fraud, money laundering and obstructing justice in a huge fall from grace for the local prominent businessman. His home is in Wayzata on Bushaway Road overlooking Wayzata Bay and by the Gray's Bay Bridge.

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