Reorganization or Sale on the Table
“Therefore, a reorganization is a possible avenue to restart operations if the right plan sponsor appears,” Hsieh said, adding that the company is also focused on using Section 363 of the Bankruptcy Code to maximize recoveries for creditors.
A first-day hearing is set for 10 a.m. Wednesday before U.S. Bankruptcy Judge Craig T. Goldblatt.
A Turbulent Origin Story
FLOAT was founded in 2019 with a futuristic pitch: commuter flights in Southern California that would let customers “Fly Over All Traffic,” shrinking three-hour drives into 15-minute hops. Operations began in February 2020 — and stalled just two weeks later when COVID-19 lockdowns wiped out demand almost overnight.
As the pandemic spread, FLOAT’s founders turned their attention north, eyeing Ravn’s essential Alaskan routes that ferry cargo, mail, medicine and passengers to remote communities. FLOAT acquired Ravn’s Corvus Airlines business and its FAA certificates in August 2020, rehiring about 350 former Ravn employees within three months and restoring critical air service in time to deliver the first COVID-19 vaccines to isolated regions.
