Petters Aviation said on Monday that it and its subsidiaries had filed for Chapter 11 bankruptcy protection.

Petters Aviation is owned by Thomas Petter and owns MN Airline Holdings, the parent company of Minnesota-based Sun Country Airlines.

Petters Aviation said Sun Country Airlines would continue to operate under its regular flight schedule.

"We were forced to take this action as a result of recent events at Petters Group Worldwide," said Stan Gadek, chief executive of Sun Country.