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Opportunity to Save Ravn Air Group Has Attracted Multiple Bidders

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Opportunity to Save Ravn Air Group Has Attracted Multiple Bidders

Ravn received bids today for all, or substantially all, of Ravn Air Group's three airlines and their assets. And almost 30 bidders from inside and outside Alaska made diverse offers ranging from acquiring Ravn and all three of its airlines in their entirety, to those interested in purchasing significant portions of the company and others interested in buying individual aircraft and airport buildings. The U.S. Bankruptcy Court will convene tomorrow at 7am AKDT to hear from attorneys representing Ravn, its Lenders, and its unsecured creditors to address, among other things, the sale and auction process.

"Everyone working for Ravn before and after the impact of COVID-19 is thrilled with the amount of interest that our great team of employees and advisors have generated in saving Ravn and our three airlines. To a person, all of us remain optimistic that the company will have the opportunity to exit Chapter 11 protection, rehire our employees, resume operations, and restart the essential air service that we previously provided to 115 different communities around the state. We firmly believe that selling the Air Group as a going concern is the best outcome for all parties involved, as it will maximize creditor recoveries and also enable Ravn to continue providing the vital jobs, airlift, and community service that is so important to Alaska," said Dave Pflieger, Ravn's President & CEO.

Last week, Ravn Air Group announced that it has been approved by the U.S. Treasury to receive $31.6 million in Coronavirus Aid, Relief, and Economic Security Act (CARES) Act Payroll Support Program (PSP) Grants - subject to Bankruptcy Court approval. This financing will be available to pay employee salaries and benefits to Treasury-approved bidders seeking to buy the entire Air Group.

This press release was sourced from Ravn Air Group on 23-Jun-2020.