INSIDE ALASKA BUSINESS.

• Position: FLOAT Shuttle to acquire PenAir and RavnAir Alaska - Chugach Electric Association to purchase the Municipal Light & Power - Bering Straits Native Corporation acquires Northwest Contracting

RavnAir Group

Los Angeles-based FLOAT Shuttle plans to purchase RavnAir Alaska and PenAir out of bankruptcy. RavnAir Group received approval for the sale of all twelve lots of assets at its final Bankruptcy Court hearing-including the two Anchorage-based Part 121 passenger air carriers.

"We are extremely excited about today's outcome," says Dave Pflieger. Ravn's president and CEO. "While it is truly unfortunate that we can't restart our RavnAir Connect Part 135 airline, we are hopeful that the Alaska-based buyers of those assets will hire many of our former employees; and we are thrilled to hear that the FLOAT shuttle team intends to rehire as many of our remaining employees as possible and quickly resume flights to the many vital communities Ravn serves throughout our great state."

RavnAir announced plans to file for bankruptcy after seeing a 90 percent drop in bookings and revenue due to COVID-19.

flyravn.com

Chugach | ML&P

The Regulatory Commission of Alaska (RCA) has conditionally approved the acquisition of Municipal Light & Power (ML&P) by Chugach Electric Association. The 152-page order was issued in late May. In April of 2018, Anchorage voters approved the sale of ML&P to Chugach by more than 65 percent. Following the vote, Chugach filed for approval of the transaction on April 1, 2019. After several weeks of hearings that started in August, the parties reached a settlement that included a purchase price of nearly $973 million. Assuming the RCA's conditions are acceptable, the Municipality of Anchorage and Chugach will move forward with the transaction, with a closing date later this year. The combination of the two utilities is expected to lead to lower long-term rates for all utility ratepayers with an estimated ratepayer savings of more than $200 million over the next fifteen years.

chugachelectric.com

BSNC | Northwest Contracting

Bering Straits Native Corporation (BSNC) has acquired Northwest Contracting, an Alaska-based industry leader in pavement marking and grooving. Northwest Contracting was founded in 2008 by co-owners Charlie McAllen and Chris Hubble 'BSNC has carefully evaluated the opportunities this acquisition offers. Northwest Contracting will complement the growing Bering Straits portfolio of companies." says BSNC President and CEO Gail Schubert "We are pleased to announce...