Alaska’s bankrupt Ravn Air largely denied pandemic loans

Ravn Air Group said it would receive a fraction of the government loans it requested to weather the coronavirus, lowering its odds of emerging from bankruptcy protection as a viable business. The Anchorage, Alaska-based airline, which filed for chapter 11 protection in early April, painted a bleak picture of its chances for survival in court papers filed Sunday, saying it believed its request for taxpayer-supported relief under the coronavirus relief bill “will not be granted in the amounts requested.” Ravn applied for a $75m loan and was told it would be eligible for about $5.2m, CE Dave Pflieger said. The US Treasury Department last week began disbursing money to passenger air carriers under a $50b grant and loan program. Ravn, which laid off roughly 1,300 employees due to pandemic interruptions, said it would keep trying to get federal loans and continue looking for ways to restart its business. But “the results to date have been disappointing,” especially regarding the aid applications, the company said in papers filed with the US Bankruptcy Court in Wilmington, Del.<br/>