Sept 14 (Reuters) – Latvia’s airBaltic said on Monday it had filed for protection under Chapter 11 of the U.S. Bankruptcy Code in New York as part of a financial restructuring aimed at reducing its debt.
The airline, in which the Latvian government owns a majority stake, said flights would continue to operate as scheduled, tickets and reservations would remain valid and customer services would continue without interruption throughout the court-supervised process.
The company said in a statement it had secured a commitment for €350 million ($405 million) of debtor-in-possession financing from lenders including Strategic Value Partners, Barclays, Hayfin Capital Management, Morgan Stanley and Oaktree Capital Management to support its operations during the restructuring.
($1 = 0.8653 euros)
(Reporting by Gianluca Lo Nostro; editing by Stine Jacobsen and Milla Nissi-Prussak)
Comments