RavnAir Group, the regional Alaska air carrier that filed for Chapter 11 bankruptcy protection, said Wednesday it has received conditional approval to seek federal aid that it says will help pave the way for potential buyers.
The company, in a release, said it also will help maximize recovery by creditors and “enable a successful exit from Chapter 11.”
RavnAir Group plans to ask a federal bankruptcy judge to approve a process by which it could sell assets.
Dave Pflieger, Ravn’s president and CEO, in a release said the opportunity to receive aid and work on a sale process provides “a new path forward by which Ravn could resume operations later this summer. Now, instead of only one path, a planned liquidation, qualified parties who meet strict bidding criteria and guidelines will be able to buy the entire Air Group with all three of its airlines.”
The company in April said it was filing for Chapter 11 bankruptcy protection as it awaited word about potential federal coronavirus relief aid. It cited the coronavirus pandemic and a loss of 90% of passenger revenue for stopping operations.