Judge gives Ravn Air Group the OK to move forward with sale process
A judge has OK'd Ravn Air Group to move forward with its "bidding process for the airline to sell all, substantially all, or a substantial part of its assets."
“This Court decision helps clear the path for Ravn to find new ownership that will allow us to resume operations later this summer. This is great news for our creditors, our employees who have been temporarily laid off, our customers, our important fishing industry, and the 115 rural and urban communities we serve throughout the state who are currently suffering from a lack of service since we parked our seventy-two aircraft,” said Dave Pflieger, Ravn’s President & CEO.
A judged for the United States Bankruptcy Court for the District of Delaware made the decision Wednesday.
In mid-May, the U.S. Treasury has approved Ravn Air Group’s ability to seek payroll grants under the CARES Act Payroll Support Program.
The Air Group filed for Chapter 11 protection on April 5 due to a 90% drop in bookings because of the COVID-19 pandemic.
With the recent approval,