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Petters Group in bankruptcy

October 14, 2008|From Times Wire Services

Investment firm Petters Group Worldwide, owner of a variety of businesses including bankrupt Sun Country Airlines Inc., filed for bankruptcy protection after FBI agents raided its headquarters last month in a $2-billion fraud probe and its assets were frozen.

Douglas A. Kelley, the court-appointed receiver who is now running Minnetonka, Minn.-based Petters, signed the Chapter 11 filing, made Saturday. Founder Tom Petters, accused by U.S. prosecutors of masterminding a fraud at the company, was ordered held without bail by a federal judge Wednesday.

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