Ravn Air Group completed the acquisition of bankrupt PenAir (Anchorage Ted Stevens) through a specially established subsidiary Peninsula Aviation on December 26, 2018.
"This is a big win for Ravn Air Group, as well as for PenAir and all of our team members, customers, and Alaska communities. The two companies coming together provides an incredible opportunity to better connect Alaska, with the ability to provide broader, more reliable, and more consistent service," President and CEO of Ravn Dave Pflieger said.
PenAir filed for bankruptcy on August 6, 2017, and was subsequently acquired by Peninsula Aviation in early October for around USD15.75 million.
The new owner intends to continue PenAir’s existing scheduled services with the current fleet of aircraft, consisting of six Saab 2000 and three Saab 340Bs. The company also states it will continue using the PenAir brand and about 410 current employees. After an 18-month review period, Ravn will contemplate the option of merging PenAir with Corvus Airlines (Anchorage Ted Stevens), which is also owned by Ravn Air Group.
The holding also owns Frontier Flying Service (Fairbanks International) and Hageland Aviation Services (Saint Mary's).
