Air Baltic explored various options to obtain urgent funding before settling on Chapter 11 filing

Air Baltic initiated proceedings for bankruptcy protection on September 14th, opting for a US Chapter 11 filing after exploring multiple avenues for immediate financial support. The Latvian carrier had been evaluating several strategies to secure the funds required to execute its revised long-term business plan. Pratt & Whitney is identified as Air Baltic’s largest external unsecured creditor within this situation. This Chapter 11 process encompasses the airline's training operations alongside the main restructuring efforts. Analysts believe that securing additional funding proved challenging, ultimately leading to this significant strategic decision by Air Baltic.