Ravn Air Group today conducted a third and final auction, and successfully sold almost all of the company’s remaining assets to bidders from inside and outside of Alaska, subject to Delaware Bankruptcy Court approval which the company will seek on Monday, August 3rd.
All of the various sales, including those from prior auctions, are expected to close in August, at which time ownership and control of Ravn Air Alaska and PenAir is expected to transfer to FLOAT Shuttle from Southern California, and the company’s few remaining assets will then be placed into a liquidating trust from which they will be sold — once they are moved to the “Lower 48.”
As part of this final follow-up sale and auction process, Ravn sold the company’s two remaining Part 135 airlines (RavnAir Connect/Hageland Aviation and Frontier Flying Service) along with all remaining aircraft, all remaining ground support equipment, some additional facilities & property, as well as aircraft parts & tooling from both the Part 135 air carriers and the company’s two Part 121 airlines — RavnAir Alaska and PenAir.
“The outgoing Special Committee of the Board of Directors and our entire management team are extremely pleased with the results of our sales & auction process, and we look forward to soon hearing that the new owners of Ravn and PenAir have received their FAA and DOT approvals and that they, their newly re-hired employees, and their fleet of newly purchased Dash 8 aircraft are back in the air serving key Alaska communities,” said Dave Pflieger, Ravn’s departing President & CEO.
“This will be our final communication as we pass the torch to the new owners, and we would like to thank our many employees, customers, business partners, lenders, creditors, and advisors, as well as Senator Lisa Murkowski, Congressman Don Young, and especially Senator Dan Sullivan for their incredible efforts and support getting us to today’s successful outcome. Collectively, we were able to accomplish two key objectives — preserving a large number of great aviation jobs in Alaska and ensuring continued service to many of the destinations that were previously served by RavnAir Alaska and PenAir,” said Pflieger.
About Ravn Air Group
Before it filed for Chapter 11 protection on April 5, 2020, following a 90% drop in bookings and revenue due to the arrival of COVID-19 in Alaska, and a resultant state-mandated travel ban to slow the spread of the Pandemic, Ravn was Alaska’s largest and most vital regional air carrier. The company and its three separate airlines had 72 aircraft that were supported by over 1,300 employees, and it flew over 400 flights per day, carried over 750,000 annual passengers as well as mail, freight, and charter customers to more than 115 destinations throughout Alaska.