LV: Budget to be re-drafted to invest in airBaltic.

By bne IntelliNews September 7, 2011
As announced to the press by the PR service of the government, in order to raise financing necessary for investing in airBaltic national air carrier, 2011 budget is going to be re-drafted. The total amount needed to be found in the budget was not announced, but reportedly both shareholders of airBaltic (state and Baltijas Aviacijas Sistemas BAS - controlled by CEO of airBaltic Bertold Flik) need to invest about LVL 50mn LVL 70mn (EUR 71mn EUR 100mn) in the company. As commented by Communication Minister Ulis Augulis, there is an agreement between the shareholders and already this week the issue of changing the management of the company will be discussed. To remind, the government conceptually agreed to support airBaltic that was discovered to be in financial distress after a state-run audit, but under conditions that included resignation of CEO Flik and maintaining Riga Airport as the main hub of the company.

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