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A Well-Known European Airline on the Verge of Bankruptcy: Initiated Proceedings for Protection From Creditors
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Economy - The economic crisis and rising fuel costs continue to hit the aviation sector. In this context, Latvia-based airBaltic has filed for bankruptcy protection.
The company says that flights will continue as planned for now, while the entire restructuring process should be completed by June next year.
One of the largest airlines in the Baltic Sea region has begun a formal restructuring of its finances. The carrier has applied to a US court for Chapter 11 protection, which is facing high debt, rising fuel costs and fleet problems. At the same time, it ensures that its operational activities are not suspended.
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