JUNEAU—Alaska Seaplanes, the premier commuter airline of Southeast Alaska, has tendered an offer to acquire the operating certificate and assets of RavnAir Group’s subsidiary Peninsula Airways (PenAir). Alaska Seaplanes’ offer will restore service to a handful of communities by as early as June if RavnAir Group and its creditors move quickly to consummate a sale. The now-insolvent RavnAir Group, which is currently in Chapter 11 bankruptcy, has initiated a plan to liquidate and dispose of its assets through a liquidation trust of which the PenAir certificate and assets are part.
“Spinning off PenAir’s operating certificate, prior to the first week in June is critical as the certificate only has a small window of time before it expires or must be surrendered back to the FAA as per government regulations. The Alaska Seaplanes plan will allow creditors the opportunity to monetize the PenAir certificate, while it still has value, capitalizing on a narrow window of opportunity to restart PenAir as a stand-alone independent company, and resume operations quickly. We are excited to begin a new chapter of PenAir’s history once again with Alaskan leadership, and a return to the spirit of service upon which the company was founded—a culture of safety and community partnership that defines Alaska Seaplanes as well,” said Mike Stedman, Co-owner of Alaska Seaplanes.
Juneau-based Kalinin Holdings, Inc. dba “Alaska Seaplanes” is owned by the Stedman and Craford families and has distinguished itself as one of the fastest growing commuter airlines in the state over the last decade. The company operates passenger, cargo and charter service throughout Southeast Alaska. The new PenAir division would be led by Alaska Seaplanes board member Wayne Heller, a veteran airline executive with extensive experience in running regional airlines.
“PenAir was once a safe, profitable airline with a proud history, a pillar of the Alaska aviation community. Alaska Seaplanes is just such a company, now, and we are best positioned to rebuild PenAir and its relationships with the communities it serves,” said Heller.
“I remember well PenAir’s best years, and am confident that under Wayne’s day-to-day management, we can rebuild PenAir into one of the best regional airlines in the state, if not the country,” added Stedman.
Financing for the transaction is provided by a partnership between the Stedman and Craford families and Wexford Capital. Note: Alaska State Senator Bert Stedman is a relative of James “Mike” Stedman but has no ownership in Alaska Seaplanes and is not a party to the transaction.