Boost for airBaltic as US Court Grants Access to Financing
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12 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.
Placed under the protection of American Chapter 11 since 14 September, airBaltic obtained from the bankruptcy court of the South District of New York the authorization to immediately use 140 million euros of a total financing of 350 million euros. The Latvian company ensures that its flights, reservations, refunds and the payment of its employees continue [...]
"The approval of our funding provides us with greater financial stability as we work to build a stronger and more sustainable airBaltic," says the airline's president and CEO.
US court approves airBaltic Chapter 11 relief request
The United States Bankruptcy Court for the Southern District of New York has approved airBaltic’s first-day relief request following the airline’s voluntary initiation of Chapter 11 proceedings. The court approved the announced EUR350 million euro (USD404 million) debtor-in-possession (DIP) financing proposal on an interim basis. As a result, airBaltic will immediately gain access to EUR140 million (USD161.5 million), the first tranche of its fi…
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