Around 30 bidders have expressed interest in buying some of RavnAir Group's assets during an upcoming auction, with five parties tentatively prepared to bid for the entirety of the bankrupt Alaskan group.
"We are excited that our employees, our customers, and the many communities we serve will now have a very real opportunity to see Ravn back in the skies later this summer. While this has been a very difficult process for everyone affected, we strongly believe it will be a success for our creditors and all Alaskans if our upcoming auction leads to a successful buyer who wants to preserve the vital jobs and essential air service that Ravn previously provided," President and Chief Executive Dave Pflieger said in a statement.
The United States Bankruptcy Court for the District of Delaware approved the auction of RavnAir Group's assets on June 25. The sale is due to take place between July 4 and 9. Its outcome will have to be approved by the court on July 9.
RavnAir Group ceased operations and filed for Chapter 11 bankruptcy protection in early April only to opt for liquidation a month later. The group owned Corvus Airlines, Hageland Aviation Services, PenAir, and Frontier Flying Service. A consortium of lenders led by BNP Paribas had tried to stop the search for an investor for the whole group and appealed to the court to continue with the piecemeal sale of assets but was eventually overruled.
If the auction does not yield an investor for the entire group, its assets will be put in a liquidation trust and sold by the trustee.
