Air Baltic wins court approval for first 140 million euros in Chapter 11 case
A US bankruptcy court has granted Air Baltic's first-day motions, letting the Latvian carrier keep flying and draw immediately on part of its financing package.
Air Baltic has received initial approval in its Chapter 11 proceedings. The US bankruptcy court in New York backed the Latvian airline's first-day motions, according to the carrier's account of the ruling.
The decision lets Air Baltic keep flying its normal schedule and pay wages. It can also honour existing tickets, refunds, vouchers and loyalty points, and settle certain obligations owed to key suppliers.
The court granted provisional approval for financing during the insolvency process. Air Baltic can draw immediately on 140 million euros of a committed package totalling 350 million euros. Further tranches are to become available during the restructuring, subject to conditions and possibly further court approvals.
Sources
- aerotelegraph.comAir Baltic erhält Zusage vom Gericht und Zugriff auf erste 140 Millionen Euro