LATAM Chile company to Icarosan and Scandinavian Airlines (49%), which subsequently sold its stake a few years later to local investors. Since 1994, major shareholders have been the Cueto Family and businessman Sebastián Piñera (until 2010), who sold his shares when taking office as President of the Republic of Chile. The approval from the Chilean Anti-Trust Authority resulted in the acquisition of the country's second largest airline Ladeco on August 11, 1995. In October 1998, Lan Chile merged its cargo subsidiary Fast Air Carrier with Ladeco, forming LAN Express. In 1998 LAN Airlines established a joint venture with Lufthansa called LLTT ("Lufthansa-LAN
Sun Country Airlines DC-10 in early 2001. In June 1999, the management of Sun Country launched a transformation from a charter carrier into a scheduled airline. New service from Minneapolis and Milwaukee began to destinations including Los Angeles, Seattle, Detroit, Washington, D.C. and Phoenix. The airline also started a frequent flyer program, Smile Awards. In 2001, Sun Country began to replace its entire fleet with Boeing 737 aircraft. As Sun Country reinvented itself, heavy competition from local incumbent carrier Northwest Airlines and the September 11 attacks caused a sharp decrease of traffic and revenue. The airline was losing large amounts of money by