Air Baltic Corporation AS (hereinafter – airBaltic or the company), the national airline of Latvia and leading carrier in the Baltic States, today announces that airBaltic and certain of its subsidiaries have voluntarily initiated proceedings under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the “U.S. Court”).
Chapter 11 is a well-established U.S. legal framework, recognised internationally and used regularly by U.S. and international airlines, that allows companies to restructure their finances and raise capital while continuing day-to-day operations under the supervision of the U.S. Court. airBaltic is using this process to address its financial obligations and achieve a more sustainable capital structure.
The process will not affect passengers and operations will continue as normal. Flights will operate as scheduled, tickets and reservations will remain valid, and customer service will continue as usual. Refunds, vouchers, gift cards and credits related to baggage or service claims will continue to be handled in line with existing policies. Passengers with upcoming travel do not need to take any action.
Chapter 11 is a well-established U.S. legal framework, recognised internationally and used regularly by U.S. and international airlines, that allows companies to restructure their finances and raise capital while continuing day-to-day operations under the supervision of the U.S. Court. airBaltic is using this process to address its financial obligations and achieve a more sustainable capital structure.
The process will not affect passengers and operations will continue as normal. Flights will operate as scheduled, tickets and reservations will remain valid, and customer service will continue as usual. Refunds, vouchers, gift cards and credits related to baggage or service claims will continue to be handled in line with existing policies. Passengers with upcoming travel do not need to take any action.
