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AirBaltic files for Chapter 11 bankruptcy in New York
The carrier said flights, tickets and customer service will continue while it negotiates with creditors under court supervision.
- On Monday, AirBaltic filed for protection under Chapter 11 of the U.S. Bankruptcy Code in New York as part of a financial restructuring aimed at reducing its debt.
- Escalating fuel costs from the U.S. war with Iran doubled jet prices, worsening the airline's liquidity position after a €30 million Latvian state loan in April compounded financial pressures.
- Strategic Value Partners, Barclays, Hayfin Capital Management, Morgan Stanley, and Oaktree Capital Management committed €350 million in debtor-in-possession financing to support operations during restructuring.
- Despite the Chapter 11 filing, AirBaltic assured customers that all flights, reservations, and services continue uninterrupted throughout the court-supervised restructuring process.
- The filing marks the second airline casualty linked to the Iran conflict after Spirit Airlines collapsed in May, while competitors like AirAsia seek fresh capital amid rising fuel pressures.
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113 Articles
113 Articles
LATVIA'S airBaltic has started bankruptcy proceedings in the US due to the crisis caused by the war in Iran. They have secured financing for restructuring and plan to cancel orders for new aircraft.
·Zagreb, Croatia
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The Iran war raises fuel costs, especially for smaller airlines. Now, the Latvian AirBaltic has initiated insolvency proceedings in the US.
·Vienna, Austria
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Latvian airline files for bankruptcy protection.
·Ljubljana, Slovenia
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Coverage Details
Total News Sources113
Leaning Left13Leaning Right11Center18Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 31%
C 43%
R 26%
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