newstodate.aero
APR 30, 2009(newstodate): After a period of stalemate, the ownership structure of Latvia's airline, airBaltic was secured by the end of 2008 by a management buy-out of 47.2 percent of the shares formerly held by SAS.
In reality, the shares were acquired by one man only, airBaltic's president and CEO, Bertolt Flick.
-SAS wanted to sell, but the government was not willing to buy the stake. A solution had to be found, leaving a management buy-out as the outcome, says Mr Flick.
The price was set at 220 mio Swedish Crowns, paid in cash by January 31, 2009.
-The state is, however, not an easy partner, and I hope it will soon be willing to dilute its shares. But it is neither willing to sell, nor willing to take risks.
-In the longer term, the way forward will be finding a partner willing to invest in the carrier, says Mr Flick.
In reality, the shares were acquired by one man only, airBaltic's president and CEO, Bertolt Flick.
-SAS wanted to sell, but the government was not willing to buy the stake. A solution had to be found, leaving a management buy-out as the outcome, says Mr Flick.
The price was set at 220 mio Swedish Crowns, paid in cash by January 31, 2009.
-The state is, however, not an easy partner, and I hope it will soon be willing to dilute its shares. But it is neither willing to sell, nor willing to take risks.
-In the longer term, the way forward will be finding a partner willing to invest in the carrier, says Mr Flick.