June 25, 2020—The Honorable Brendan L. Shannon in the United States Bankruptcy Court for the District of Delaware today approved a Plan of Liquidation that also includes a sales process for “going concern” bidders who are interested in buying the company and its three airlines during an upcoming auction that will take place following the 4th of July holiday weekend.
The auction will offer Ravn, with its secured lenders, an opportunity to sell the company and all or a substantial portion of its assets in a sale that would be approved by the Court on July 9th. Leading into today’s hearing approximately 30 bidders expressed interest in buying all or some of the Air Group’s assets. Of these, five strategic buyers submitted bids to buy the entire Air Group.
“The outcome of today’s hearing turned out as we had hoped, and 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 to over 115 different communities in our state,” said Dave Pflieger, Ravn’s President & CEO.
A specific date for the auction has not yet been set, but it will occur prior to the July 9th hearing. Should there not be a sale of the company as a “going concern,” the Chapter 11 Liquidation Plan that the Court approved today calls for Ravn’s assets to be put into a Liquidation Trust and sold by the Liquidation Trustee.