LA air-shuttle service to buy Ravn Assets for $8m and serve Alaska
A startup Los Angeles air-shuttle service will expand into Alaska after receiving approval to buy planes and other assets from a bankrupt airline in a deal that is expected to include coronavirus relief aid. California-based Float Shuttle struck an $8m deal shortly before a bankruptcy-court hearing on Thursday to take over at least six planes as well as certain terminal leases, intellectual property and two FAA certificates from Ravn Air Group of Anchorage, Alaska. Float’s purchase includes two of Ravn’s carriers, RavnAir Alaska and PenAir. The California company doesn’t plan any immediate name change. Ravn had more than 70 planes when it filed for chapter 11 bankruptcy in April, saying nearly all of its business had dried up due to the pandemic. For much of its bankruptcy case, the carrier painted a bleak picture of its chances for survival as a going concern, fearing it would have to liquidate its business with no one taking it over. Many of the company’s assets have been sold off to various buyers. For many isolated communities, Ravn Air was the only practical means of travel and the way to supply goods and deliver mail. It has served more than 100 destinations in Alaska. Float co-founders Tom Hsieh and Rob McKinney said Thursday that their goal was to get Ravn planes back in the air, to start serving communities in Alaska again and to rehire as many Ravn employees as possible. The airline has laid off roughly 1,300 workers.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-07-13/unaligned/la-air-shuttle-service-to-buy-ravn-assets-for-8m-and-serve-alaska
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LA air-shuttle service to buy Ravn Assets for $8m and serve Alaska
A startup Los Angeles air-shuttle service will expand into Alaska after receiving approval to buy planes and other assets from a bankrupt airline in a deal that is expected to include coronavirus relief aid. California-based Float Shuttle struck an $8m deal shortly before a bankruptcy-court hearing on Thursday to take over at least six planes as well as certain terminal leases, intellectual property and two FAA certificates from Ravn Air Group of Anchorage, Alaska. Float’s purchase includes two of Ravn’s carriers, RavnAir Alaska and PenAir. The California company doesn’t plan any immediate name change. Ravn had more than 70 planes when it filed for chapter 11 bankruptcy in April, saying nearly all of its business had dried up due to the pandemic. For much of its bankruptcy case, the carrier painted a bleak picture of its chances for survival as a going concern, fearing it would have to liquidate its business with no one taking it over. Many of the company’s assets have been sold off to various buyers. For many isolated communities, Ravn Air was the only practical means of travel and the way to supply goods and deliver mail. It has served more than 100 destinations in Alaska. Float co-founders Tom Hsieh and Rob McKinney said Thursday that their goal was to get Ravn planes back in the air, to start serving communities in Alaska again and to rehire as many Ravn employees as possible. The airline has laid off roughly 1,300 workers.<br/>
