Latvian carrier airBaltic has filed for Chapter 11 bankruptcy protection in New York as sharply higher fuel costs place pressure on the airline’s finances.
The company said it has secured about €350 million in financing, subject to court approval, and intends to continue operating while it restructures. airBaltic has cited the surge in jet-fuel prices linked to the Iran conflict as a major factor in its financial strain. The court process is designed to give the airline breathing room to reorganise its obligations while maintaining scheduled services.
Source: Reuters
