AIRBALTIC IN STORMY WEATHER
Latvia-based carrier airBaltic has recently been facing financial challenges, driven in part by increasing fuel and operating costs, and has taken two important steps to address the situation. airBaltic has launched a comprehensive reorganisation aimed at reducing costs, including reducing the number of flights and concentrating on the most profitable routes in order to return the company to profitability.
@airbaltic
As part of this process, flights to some airports have been cancelled, while frequencies on other routes have been reduced.
Furthermore, airBaltic filed for Chapter 11 bankruptcy protection in the United States, which was granted last week. This will give the company approximately 6–9 months to reorganise its operations. At the same time, it has secured financial guarantees from international lenders and investors of approximately EUR 350 million, of which the first tranche of EUR 140 million has so far been released. Please see the airBaltic website for further information and the latest company press releases, or feel free to contact us if you have any questions.
