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Air Baltic Bankruptcy Protection Plan Rejected
Sep 23, 2011
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[TD="class: storyAuthor"]By Jens Flottau [email protected]
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Air Baltic stresses it will continue operations even though a Latvian court rejected its plan for protection from creditors on Friday.
The airline accuses the Latvian government of pursuing secret plans to set up a competing carrier while trying to seal the fate of Air Baltic. The developments are the latest turn in a power struggle that has stretched over several months. The fight involves Air Baltic’s two major shareholders, the government (52%) and Baltic Aviation Systems (BAS), which is in turn partly owned by the airline’s CEO Berthold Flick.
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Sep 23, 2011
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[TR]
[TD="class: storyAuthor"]By Jens Flottau [email protected]
FRANKFURT[/TD]
[/TR]
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[TD][/TD]
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[TR]
[TD="class: storyBody"]
Air Baltic stresses it will continue operations even though a Latvian court rejected its plan for protection from creditors on Friday.
The airline accuses the Latvian government of pursuing secret plans to set up a competing carrier while trying to seal the fate of Air Baltic. The developments are the latest turn in a power struggle that has stretched over several months. The fight involves Air Baltic’s two major shareholders, the government (52%) and Baltic Aviation Systems (BAS), which is in turn partly owned by the airline’s CEO Berthold Flick.
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