Boost for airBaltic as US Court Grants Access to Financing
15 Articles
15 Articles
Lietuvos Radijas ir Televizija
lrytas.ltAccording to a decision by the US Bankruptcy Court for the Southern District of New York, Latvian national airline airBaltic will be able to immediately receive the first tranche of 140 million euros in financing, the company told news agency LETA on Wednesday.
The national airline of Latvia announced on 14 September that it had requested to be placed under Chapter 11 of the US Bankruptcy Act. Two days later, Air Baltic obtained the green light to use €140 million of funding of €350 million to maintain its operations.
AirBaltic will have an injection of 140 million euros to sustain its operation as it progresses in restructuring under the US Chapter 11. The United States Bankruptcy Court for the South District of New York has provisionally approved access to that amount, the first tranche of a total funding of 350 M€, as reported by the company. The decision is part of the first steps requested when initiating the procedure. The authorisation allows the Latvi…
In connection with Air Baltic's restructuring under the US Chapter 11 legislation, a list of creditors has been published. It shows that the largest creditor is owed 430 million kroner, while the company has a debt burden of a double-digit billion amount.
Coverage Details
Bias Distribution
- 67% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
