Ravn Air To Begin Liquidating Assets Following Bankruptcy Ruling

first_imgThe company received approval to utilize the remaining $6 million from a $12 million bankruptcy loan, putting Alaska’s largest regional airline on the path towards a controlled liquidation, against the wishes of its unsecured creditors. Ravn entered into a final bankruptcy loan agreement with BNP Paribas that gives the company two more months to confirm a Chapter 11 plan. Photo courtesy for RavnAir Group Alaska Airlines is stepping up to restore air service to several remote Alaska communities recently cut off after Ravn Air declared bankruptcy. Working through BP Alaska and Air BP, donated fuel will help Alaska Airlines to activate its response in support of the supply chain, delivering food, medical supplies, mail and emergency passenger services. According to the liquidation plan approved in court on Wednesday this will dissolve Ravn Air Group and automatically terminate its existing directors, officers and managers ‘on an as-yet undetermined date’.center_img FacebookTwitterEmailPrintFriendly分享Ravn Air will begin the process of liquidating its assets after Judge Brendan Shannon approved the request Wednesday during a telephonic hearing at the U.S. Bankruptcy Court for the District of Delaware. This judgement comes just two days after Ravn proposed a plan to liquidate their Alaska assets in order to pay off the companies debts. In the plan issued by Ravn on Monday the company will liquidate all assets including it’s 72 planes. According to the initial bankruptcy documents filed in early April, Ravn was $90 million in debt and seeking a loan to meet its unpaid payroll obligations and support itself through the bankruptcy proceedings.last_img read more