Ravn Air Group today (October 26th, 2020) announced that it has completed its final going concern sale to Monocoque Diversified Investments which, like Float Shuttle, intends to restart two of Ravn’s four subsidiary air carrier companies.
Like the earlier sale of Ravn Air Group’s two Part 121 subsidiary air carriers (Ravn Air Alaska and PenAir), this final sale involved two of Ravn Air Group’s subsidiary airlines (Part 135 Hageland Aviation and Frontier Flying Service), which previously served over 100 small rural villages and communities around Alaska.
The end result of this news is that Ravn Air Group, Alaska’s largest regional airline service provider, despite being severely impacted by COVID-19 and seeking Chapter 11 protection like many other airlines around the globe, was not only successful in saving all four of its subsidiary airlines, it also saved approximately 600 jobs and almost all of its 72 aircraft from being permanently lost or moved out of the State of Alaska.
These results didn’t come easily, and Ravn would like to offer a final thanks to everyone whose Herculean efforts and assistance made this possible: most importantly, Ravn’s loyal employees and its dedicated and unrelenting management team — all of whom persevered against overwhelming odds to successfully sell the company’s four airlines during a global pandemic; Alaska’s Congressional delegation and the CARES Act Payroll Support Program (PSP) team at the United States Department of Treasury; Ravn’s majority owners J.F. Lehman Co.; Ravn’s banks and lenders and their professionals; the Unsecured Creditors Committee and its professionals; and all of Ravn’s advisors, including its attorneys (Keller Benvenutti Kim, LLP, Blank Rome LLP, Perkins Coie, and KMA Zuckert Scoutt), its financial advisor (Conway MacKenzie), and its other professionals (Sage Popovich and Brilliant Media Strategies). Ravn also acknowledges the support of the United States Bankruptcy Court for the District of Delaware, which provided a forum for, and confirmed the structure of, the plan that allowed Ravn to accomplish these remarkable results.
Working together, Ravn and its team succeeded in preserving vital aviation jobs, aircraft, and essential air service for Alaska.