Lenders push to sell RavnAir Group’s aircraft

A consortium of lenders led by BNP Paribas, collectively owed around USD90 million, is pushing to continue with the sale of RavnAir Group’s assets, even as the embattled holding is trying to lure investors into buying its whole business. Alaskan radio station KTOO said the French bank’s attorney, David Neier, argued during a court hearing that the search for an investor should not interrupt the efforts to raise money for creditors through a piecemeal sell-off. “If it comes together that there’s somebody who’s interested in taking the federal money and funding a plan, that would be great news. But we’re not giving up the liquidation process because there is no other path that has emerged that will work with this estate,” he said. At the same time, Neier underlined that the ongoing attempts to find an investor for the airline group are not “illusory”. RavnAir Group, the owner of Corvus Airlines, Hageland Aviation Services, Frontier Flying Service, and PenAir, filed for Chapter 11 in early April 2020. The holding subsequently decided to liquidate the company rather than seek relaunch. It has been tentatively approved for USD30 million in US federal payroll support, which it could receive once an investor proceeds with the acquisition and the relaunch.