LV: Government to inject EUR 82mn in airBaltic.

By bne IntelliNews December 15, 2011
The government accepted the optimisation plan of national air carrier airBaltic, according to which its capital is going to increased by LVL 57.6mn. Also, should the private shareholder of airBaltic Baltijas Aviacijas Sistemas (BAS, affiliated with ex-CEO of the company Bertold Flik holding 47.2% of company's shares) fail to invest its share of the capital, airBaltic is going to be granted a LVL 25.4mn loan. All of the investment of the state, including the LVL 16mn already transferred to airBaltic, are going to be capitalised. The optimisation plan also includes cutting the fleet of the company by 10 jets to 24 jets and cancelling the unprofitable routes.

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