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newstodate.aero

10/04/2011

Solution firming up for survival of Latvia's leading carrier

A solution to the plights of the Latvian carrier airBaltic came closer at an emergency meeting by the Latvian ministry of transportation on October 3, 2011.

The draft for a joint agreement between the owners of the carrier, the Latvian state and BAS as well as representatives from banks and creditors was finally signed, and the state has thus regained control after BAS met all conditions set for the state to inject fresh capital proportionately with BAS into the carrier.

After that the carrier will be able to redeem its debts as well as decide on acquisition of new aircraft.

The capital will next be made available by October 14, 2011.

Among the conditions is a restructuring of the carrier's management, including the replacement of the current President and CEO, Bertolt Flick.

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