What Happened
Latvian Carrier Wins Court Approval for Debtor-In-Possession Financing
The US Bankruptcy Court for the Southern District of New York has approved airBaltic’s access to $162 million in financing, allowing the airline to continue operating under Chapter 11 proceedings. The Latvian carrier can now access the initial tranche of a previously announced $405 million financing facility, which was put up by Strategic Value Partners, Barclays, Hayfin Capital Management, Morgan Stanley, and Oaktree Capital Management. According to airBaltic, the court’s decision provides additional financial stability as the airline works to build a stronger and more sustainable business. The airline will continue to operate its flight schedule and honor existing customer bookings without interruption, as reported by AeroTime.