Ravn Air Group proposes bidding procedures for sale of company assets

By Caroline Salls

Pittsburgh, May 15 – Ravn Air Group, Inc. requested court approval of the bid procedures for the proposed sale of its assets, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Ravn said it has held discussions with a number of parties that have expressed interest in purchasing some or all of its assets. Although these talks are ongoing, the company said they have not yet yielded a definitive agreement.

The proposed bidding procedures do give Ravn the right to select a stalking horse bidder at any time before the bid deadline of noon ET on June 17.

The company said it may offer any stalking horse bidder a break-up fee and expense reimbursement to be paid if it is not ultimately the winning bidder.

An auction will be held on June 22, if necessary. Bids at auction must be made in minimum increments of $100,000.

The company has requested a May 27 bid procedures hearing.

Ravn is an Anchorage-based airline company. The company filed bankruptcy on April 5 under Chapter 11 case number 20-10755.

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