Approval for the sale of all twelve lots of Ravn Air Group assets was granted today at the final Bankruptcy Court hearing—including, in a last-minute turn of events, Ravn Air Group’s two Anchorage-based Part 121 passenger air carriers, RavnAir Alaska and PenAir.
Subject to Bankruptcy Court approval, the funds would be available to Treasury-approved bidders seeking to buy the entire air group in an upcoming Chapter 11 sale process.
Ravn Air Group has been approved by Honorable Brendan L. Shannon in the United States Bankruptcy Court for the District of Delaware to move forward with their proposed bidding process for the airline to sell all, substantially all, or a substantial part of its assets.
The Ravn Air Group is launching a “new” PenAir, following the acquisition of PenAir’s assets by investment affiliates of J.F. Lehman & Company for $12.3 million.