Ravn Air Group conducted its third and final auction this week in which it managed to sell almost all of the company’s remaining assets to bidders from inside and outside of Alaska, the company announced.
The sale still requires approval, which the company will be seeking on Monday from the Delaware Bankruptcy Court.
All the company’s sales from the three auctions, the last of which occurred Wednesday, are expected to be finalized in August. At that time, “ownership and control of Ravn Air Alaska and PenAir is expected to transfer to FLOAT Shuttle from Southern California,” a company news release states. According to its website, FLOAT is a start-up that offers commuters flights as an alternative to ground transportation.
Ravn’s remaining assets will subsequently be placed into a liquidating trust. Once they’ve been transported to the Lower 48, these assets will also be sold.
Earlier this month, the company appeared to struggle to find bidders for some of its assets. In a July 8 news release, the company announced that an auction for RavnAir Alaska and PenAir had “adjourned without a sale” after Ravn’s creditors determined that bids received “were not high enough to be acceptable.”
As part of the final auction process this week, Ravn sold the company’s two remaining charter and air taxi services — RavnAir Connect/Hageland Aviation and Frontier Flying Service, which both orginated in Fairbanks. The new owners of these businesses were not identified in the news release.
Ravn also sold all remaining aircraft, all remaining ground support equipment, and some additional facilities and property. The company also managed to sell various aircraft parts and tooling from both the Part 135 air carriers and the company’s two scheduled commuter airlines, RavnAir Alaska and PenAir.
In a news release, Ravn’s departing President and CEO Dave Pflieger said the company achieved two key objectives: “preserving a large number of great aviation jobs in Alaska and ensuring continued service to many of the destinations that were previously served by RavnAir Alaska and PenAir.”
“The outgoing Special Committee of the Board of Directors and our entire management team are extremely pleased with the results of our sales & auction process, and we look forward to soon hearing that the new owners of Ravn and PenAir have received their FAA and DOT approvals and that they, their newly re-hired employees, and their fleet of newly purchased Dash 8 aircraft are back in the air serving key Alaska communities,” Pflieger said in the news release. “This will be our final communication as we pass the torch to the new owners.”
Contact staff writer Alistair Gardiner at 459-7575. Follow him on Twitter: @FDNMoutdoors.