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.

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