Air Baltic files voluntarily for US Chapter 11 bankruptcy protection

Air Baltic, a Latvian carrier primarily owned by the government, has initiated voluntary proceedings for US Chapter 11 bankruptcy protection. This action is intended to facilitate restructuring of its operations and financial arrangements as part of a new business strategy. The airline secured a debtor-in-possession financing commitment during this process. Air Baltic’s recent unveiling of a revised business plan underscores the strategic shift being undertaken. Analysts anticipate that this reorganization will allow Air Baltic to address ongoing losses and implement necessary changes.