newstodate.aero
Sep 22, 2011 (newstodate): The Latvian carrier airBaltic has sought shelter in its on-going struggle with the state by filing for legal protection to continue operations in its route network.
The carrier has accumulated a debts pile necessitating either an outright state injection of capital, or an increase in the share holding capital. The carrier has proposed either to increase the capital on its own, or proportionally together with the state.
In any events, no solution has been found and the situation has long been in a limbo, now broken by airBaltic's latest move that ensures that the Latvian government as a shareholder will not be able to block any decision in the airline.
As part of the legal protection procedure, an administrator is to be nominated and approved by the court, and he will then be responsible for the legal protection plan that all parties have to follow, including the shareholders, the management, and the Supervisory Board.
Owners of airBaltic are the Latvian state with 52.6 percent and Baltijas Aviacijas Sistemas, owned by the carrier's president and CEO Bertolt Flick and the Bahamas-registered investment fund Taurus Asset Management Fund Limited holding the remaining 47.2 percent of the shares.
The carrier has accumulated a debts pile necessitating either an outright state injection of capital, or an increase in the share holding capital. The carrier has proposed either to increase the capital on its own, or proportionally together with the state.
In any events, no solution has been found and the situation has long been in a limbo, now broken by airBaltic's latest move that ensures that the Latvian government as a shareholder will not be able to block any decision in the airline.
As part of the legal protection procedure, an administrator is to be nominated and approved by the court, and he will then be responsible for the legal protection plan that all parties have to follow, including the shareholders, the management, and the Supervisory Board.
Owners of airBaltic are the Latvian state with 52.6 percent and Baltijas Aviacijas Sistemas, owned by the carrier's president and CEO Bertolt Flick and the Bahamas-registered investment fund Taurus Asset Management Fund Limited holding the remaining 47.2 percent of the shares.