LV: airBaltic not to go bankrupt-creditor.

By bne IntelliNews June 28, 2011
As argued by Vladimir Antonov, a co-owner of Convers Group affiliated with Lithuanian Snoras Banka and Latvias Krajbanka, in an interview to Diena newspaper, Latvian national air carrier airBaltic is not going to seize operations and let go bankrupt. Antonov hinted that as one of main creditors of the company, he is informed that there are certain investors that are interested in developing the company. At the same time Antonov believes that the state will not succeed in selling the stake in the company. To remind, airBaltic is yet again in the centre of controversy with the government ordering KPMG to hold an audit of the company following announcements of EconMin Artis Kampars on the reportedly poor pre-bankruptcy financial state of the company. he audit is expected to be finished by July 4 2011 and the results of the audit are going to influence governments further decisions regarding its involvement in airBaltics capital. As reported, EconMin Artis Kampars came out with a controversial announcement claiming that national air carrier airBaltic suffered losses of about LVL 18mn (EUR 25.6mn) in H1/11 is close to bankruptcy. Kampars also accused companys management of knowingly driving the company into losses by channelling funds out of airBaltic. Air carriers second shareholder Baltijas Aviacijas Sistemas (BAS) controlled by airBaltic CEO Bertold Flik (owning 47.2% of airBaltic shares, the rest owned by the state) is constantly in tension with governments representatives over transparency of airBaltics management.

Related Articles

EE: Estonian Air records EUR 49.2mn loss in 2012.

Estonian national airline Estonian Air recorded net loss of EUR 49.2mn in 2012, up from net loss of EUR 17.3mn in 2011. Operating loss amounted to EUR 35.8mn in 2012. Revenues of the company ... more

LT: Malsena acquires Latvian flour manufacturer Rigas Dzirnavieks.

Lithuanian flour manufacturer Malsena announced that it has acquired Latvian flour manufacturer Rigas Dzirnavieks. The company indicates that with the acquisition it will become the largest flour ... more

EE: Estonian Air to return excess Embraer airplanes.

Estonian national airline Estonian Air announced that it agreed to pay penalties for returning two excess Embraer E190 aircrafts to the manufacturer. The company has started restructuring and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss