Ravn/Corvus info?
#43
All Penair and Hageland pilots were laid off and planes parked, and all but three Dash 8s were parked.
https://www.adn.com/alaska-news/avia...a-communities/
https://www.adn.com/alaska-news/avia...a-communities/
#46
Line Holder
Joined APC: Apr 2018
Posts: 37
#47
Well Ravn is completely shutdown and filing for Ch 11.
https://www.adn.com/alaska-news/2020...e-to-covid-19/
https://www.adn.com/alaska-news/2020...e-to-covid-19/
#50
Line Holder
Joined APC: Apr 2018
Posts: 37
Here is a link to the Ravn CFO's filing for the chapter 11.CFO Filing
Couple of observations from this filing.
No surprise that with a loss of passenger revenue, which was 53% of their revenue, Ravn ran out of cash.
Their plan appears to be to put off debtors until they get an answer on their CARE filing. If that comes through they have lineup an additional $12 million in financing that will let them reopen.
As part of this filing even if they reopen they will be able to break the leases on all the remaining Saab 2000 and the one leased DHC-8. Bad news for all the Saab crews that were laid off on March 23.
Couple of observations from this filing.
No surprise that with a loss of passenger revenue, which was 53% of their revenue, Ravn ran out of cash.
Their plan appears to be to put off debtors until they get an answer on their CARE filing. If that comes through they have lineup an additional $12 million in financing that will let them reopen.
As part of this filing even if they reopen they will be able to break the leases on all the remaining Saab 2000 and the one leased DHC-8. Bad news for all the Saab crews that were laid off on March 23.
Thread
Thread Starter
Forum
Replies
Last Post