LV: New airBaltic CEO to be appointed this week.

By bne IntelliNews October 19, 2011
As announced by the national air carrier, new CEO of airBaltic is going to be elected this week out of a final short-list of thee foreign specialists. One of them is ex-head of Hungarian airline Malev Martin Gauss. As reproted, Bertold Flik, CEO and co-owner of the national air carrier airBaltic (Baltijas Aviacijas Sistemas controlled by companys CEO Bertold Flik and holding 47.2% of companys shares, the rest being held by the state) resigned from his post in the company. Flik was working as airBaltics CEO since 2002. Fliks resignation was one of the conditions of government-approved austerity package for airBaltic. Government approved increasing the capital of airBaltic by LVL 57.67mn (EUR 82mn), should the private shareholders of the company Baltijas Aviacijas Sistemas comply with governments conditions. BAS is expected to invest LVL 50mn, proportional to its share in the company, to cover operational losses. It was also announced that communication between the government and BAS improved, as the company submitted some demanded documents, including disclosing its beneficiaries. National air carrier airBaltic posted unaudited loss of LVL 34.2mn (EUR 48.7mn) in 2010. Companys financial performance this year was not yet officially announced, but according to previous reports by the ministry a government-ordered audit of airBaltic showed losses of about LVL 13mn in Jan-May 2011.

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