TXWarEagle

Things aren't looking good for Ravn. This is part of a request for people to lobby the President from the CEO.

A key part of our needed funding is support from the U.S. Treasury’s CARES Act (Coronavirus Aid, Relief and Economic Security). Unfortunately, we received news this week that while eligible for payroll grant assistance, we will not be eligible for loans because the Treasury is using an Available Seat Mile (ASM) formula for loan allocations that does not enable smaller airlines to get material CARES Act assistance.

This flawed formula massively favors large well-capitalized airlines and leaves very little for small regional carriers like Ravn. It is not representative of the criticality of an airline to its state, its communities, and its citizens, and it would provide only $5.2 million of the $75 million we requested.

They've already got $91 million in debt and they want to borrow $12 million from the private sector along with $75 million from the government for a total of $178 million in debt for a company that in a good year has a total revenue of $200 million.

Here's the link to the rest of the post http://createsend.com/t/y-1B1051ACBED52BCC

James2016

This guy DF ran so many other airlines into the ground and now he is asking the flying public to write to D.C.. Hell no he had it coming Karma got you now buddy for what you and your other puppets former Fed workers did to others over the years and treating everyone like crap and just thinking of your selfish ass.

Ursus arctos

I know the loss of the Ravn group is tragic for numerous employees and their families, however I’d argue this could be the best solution for a failing airline. Maybe it’s time to liquidate and rebuild a new company under better leadership. Ravn had a monopoly in Alaska for large passenger turboprop operations which is a large and necessary niche. Yet they struggled to turn a profit... Ravn had decades of experience operating small planes in Alaska yet they had one of the worst safety records of all air carriers. I would love to see some of the other operators grow to take over the gaps in service. Ryan air, Bering, Wright’s... Maybe even a resurrection of Penair under previous ownership. It appears that Ravn was already failing financially before the virus. A public bailout for this company is not in the public interest.

WhipWhitaker

Definitely agree to all, except allowing DS to run PenAir or any airline again. He already destroyed a great family owned airline. Ravn deserves to fail and the public shouldn’t be stuck with the bill. JT and MH ran it for years making money hand over fist. I hope my friends there find other employment quickly.

Ursus arctos

I don’t disagree about DS and Penair. I’m more inclined to forgive the financial mistakes. A return to the core business of Penair in SW Alaska could be sustainable again. The certificate is there, employees ready. A lot of customers need service as soon as the virus tapers off. Opportunity for somebody if not the Seyberts.

WhipWhitaker

Absolutely, drop the Saab 2000 vanity project, get the 135 cert going again and get back to basics. I think it’s going to be a great opportunity for someone to make PenAir great again.

Ursus arctos

https://www.alaskapublic.org/2020/04...ptcy-proceeds/

It appears that the current management is finished with Ravn. Any investors looking to get into Alaska aviation will have a great opportunity. Let the bidding begin.

TXWarEagle

The court approved the liquidation plan yesterday.

https://www.radiokenai.net/ravn-air-...ruptcy-ruling/

TXWarEagle

"Ravn has worked with its Debtor in Possession (DIP) lenders to develop a process for the airline to sell all, substantially all, or a substantial part of its assets on Wednesday, June 17th, and next week Ravn will be asking the federal bankruptcy judge handling the company’s Chapter 11 case to approve that process."

https://www.flyravn.com/

TXWarEagle

Looks like the dust is settling. The 135 operation Ravn Connect (aka Hageland) is gone with its parts sold off to Grant, Wright, Yute and ACE for about $29 million. Looks like Everts also picked up some 208's.

https://www.alaskapublic.org/2020/07...ska-companies/

FLOAT shuttle from California picked up the 121 operation, Ravn Alaska (aka Corvus and Pen Air) for a paltry $8 million. Float only bought six of the Dash-8's and one Saab 340. Guess they envision a much smaller operation.

https://www.ktva.com/story/42352903/...mmuter-service

Interesting that Bob Hajdukovich was trying to get back in the drivers seat at Ravn.

https://www.ktoo.org/2020/07/10/last...ice-in-alaska/