Dover, Delaware (KINY) - Judge Brendan L. Shannon of the United States Bankruptcy Court for the District of Delaware has authorized Ravn Air Group to run a sales process for all or substantially all of its three airlines and their assets.
The move comes in parallel with the consideration of a plan of liquidation that was initiated when the airline filed for Chapter 11 protection.
Ravn’s filing on April 5 arose after it, like many other airlines around the world, experienced a 90% loss of passenger sales and revenue due to the impact of the COVID-19 Pandemic and subsequent passenger travel restrictions.
“This is great news for our creditors, our employees, and our customers who are eager to know the future of Ravn Air Group and how soon it will be before our airline can get back in the air and resume vital air service to 115 rural and urban communities that are currently struggling from non-existent or limited service following the requirement that we park our 72 aircraft,” said Dave Pflieger, Ravn’s President and CEO.
Judge Shannon also established June 24 as the deadline for Ravn Air Group to receive bids for all or substantially all of its three airlines and other assets.