Ravn Air Group and its secured creditors (i.e. its Banks/Lenders) have now notified all eligible bidders about the terms and minimum bids required for the upcoming auction to purchase assets associated with the company and its three airlines.
The auction will offer bidders the opportunity to buy the entire company or certain lots of its assets in a sale that the company will ask the Bankruptcy Court to approve at a hearing on July 9th.
Thirty bidders have expressed interest in buying some or all of the Air Group’s assets.
The auction will be held on Tuesday, July 7th in accordance with established bid procedures.
Bidders who have been notified by Ravn that they are qualified bidders may attend and participate in the auction. If they intend to participate, they must state their intent to do so by 10 a.m. local time (2p.m. EDT) on Sunday, July 5th.
“We have had calls with a number of key bidders this week to explain the process, as well as expected pricing, and everyone is looking forward to July 7th,” said Dave Pflieger, Ravn’s President & CEO.
