Texas-based engine maintenance provider and aviation investment fund Monocoque Diversified Interests LLC (MDI) has completed the acquisition of two Part 135 carriers formerly owned by bankrupt RavnAir Group, namely Hageland Aviation Services (H6, Saint Mary’s) and Frontier Flying Service (FTA, Fairbanks Int’l).
Judge Brendan L. Shannon of the US Bankruptcy Court for the District of Delaware approved the transaction on September 29, 2020. For a total consideration of USD1.8 million, MDI, through its subsidiary Rambler Air, has bought the full capital stock of both airlines, their certificates, eight Piper (twin piston) PA-31s with engines and propellers, as well as an extensive pool of spare parts.
MDI has not assumed any of Hageland Aviation Services or Frontier Flying Services’ liabilities which arose before the transaction. It is also not a legal successor to the two airlines for the purposes of their contractual commitments. The court explicitly underlined that no contract with Alaska Air Group, including Alaska Airlines and Horizon Air, is subject to the acquisition.
The only exception is four contracts explicitly identified in the asset purchase agreement, which the new owner will assume. These include Hageland Aviation Services’ contracts with the Alaska state government, the state Department of Corrections, and the Unalakleet Native Corporation, as well as Frontier Flying Services’ contract with FedEx.
The sale is the final transaction completing the bankruptcy procedure of RavnAir Group. The group’s Part 121 carriers Corvus Airlines (7H, Anchorage Ted Stevens) and PenAir (KS, Anchorage Ted Stevens) were acquired by FLOAT and will restart under the new brand of Ravn Alaska. Most of the assets, including aircraft, were sold to various local carriers earlier this year.
Following the completion of the sale of the Part 135 carriers, the Court ruled that the liquidation of RavnAir Alaska completed on October 30, with all outstanding procedures to be completed by November 20, and a final fee hearing due to take place on December 16, 2020.
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