Blank Rome Represents Ravn Air Group, Inc. in Chapter 11 Sale of Assets
A Blank Rome team represented Ravn Air Group, Inc. and its affiliated debtors (collectively, the “Debtors”) in the sale of substantially all its assets through a Chapter 11 bankruptcy process.
On April 5, 2020, the Debtors filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. On June 25, 2020, the Debtors’ plan of liquidation (the “Plan”) was confirmed, which gave the Debtors approval to negotiate various purchase and sale agreements (“Sale Agreements”) to implement the Plan. After satisfying all the Debtors’ obligations, the Plan went into effect on October 30, 2020.
In connection with a comprehensive sale process and competitive auction, Blank Rome was instrumental in advising on and completing all the required bankruptcy-related filings as local Delaware counsel as well as negotiating over 34 different Sale Agreements covering the various “lots” sold, which resulted in over $56 million in proceeds. By selling the assets in these lots, the Debtors were able to provide a sense of continuity within the State of Alaska, by preserving jobs for many of the Ravn former employees and quickly resuming flights to the many vital communities the Debtors served prior to filing for Chapter 11 bankruptcy.
Blank Rome has also been asked to stay on to help the Ravn Liquidation Trust with the post-effective work, including winding up the Debtors' business affairs and assisting with the claims reconciliation and distribution process.