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A U.S. court has approved Latvian airline airBaltic’s request to enter Chapter 11 bankruptcy protection, allowing the carrier to move forward with a debt restructuring plan as it seeks to stabilize its finances.
Latvian Prime Minister Andris Kulbergs announced the court’s decision on Wednesday, saying the approval gives airBaltic access to financing and enables it to begin restructuring while reviewing its obligations to creditors.
“This means that airBaltic will be able to: immediately access financing; begin the restructuring process; review obligations to creditors. Work continues,” Kulbergs said in a post on social media platform X.
AirBaltic, which is majority-owned by the Latvian government, voluntarily filed for Chapter 11 protection on Monday. The move comes as the airline faces mounting financial pressure, with the Iran war adding to challenges surrounding its existing debt burden.
As part of its restructuring efforts, airBaltic has secured a commitment for €350 million ($404.1 million) in financing from a group of lenders. The funding remains subject to court approval and is expected to provide liquidity while the airline continues operating during the Chapter 11 process.
Over the coming months, airBaltic is expected to hold negotiations with bondholders, aircraft lessors and other creditors. Those discussions will help shape a formal reorganisation plan outlining how the company intends to restructure its debts and other financial obligations.
The final reorganisation proposal will require separate approval from the U.S. bankruptcy court before airBaltic can formally emerge from Chapter 11.
The Latvian carrier is targeting completion of its restructuring process by around June 2027. Its longer-term business strategy is expected to include a smaller aircraft fleet and reduced operating costs as management works to create a more sustainable financial structure.
AirBaltic had not immediately responded to a request for comment following the court’s decision.
