RavnAir Group ceases all operations, files for relief under Chapter 11

RavnAir Group applied (05-Apr-2020) for voluntary petitions of relief under Chapter 11 of the US Bankruptcy Code to obtain immediate debtor-in-possession funding. Due to the coronavirus crisis and the loss of 90% of passenger revenue at Ravn Alaska, PenAir and Ravn Connect, the group has grounded all 72 aircraft, ceased all operations and temporarily laid off all employees. RavnAir Group CEO Dave Pflieger stated the group is now seeking "federal CARES Act grants and other sources of financial assistance that will allow us to weather the coronavirus pandemic and emerge successfully once it has passed". Ravn lenders agreed to continue providing financing during pendency of the Chapter 11. [more - original PR]