newstodate.aero
Nov 12, 2012 (newstodate): The Latvian carrier airBaltic may find the Turkish company Turkish Airlines as its new minority owner.
In August 2012, the Latvian state launched a tender for attracting non-binding expressions of interest by November 1, 2012, for a stake of up to 50 percent minus one share.
According to Baltic media reports, Turkish Airlines has emerged as the only European party to come forth, and negotiations are now reportedly to start "soon".
The Latvian state now owns 99 percent of the airline after the take-over in November 2011 of the 47 percent share earlier held by Baltic Aviation Systems owned by Bertolt Flick.
The carrier needs fresh capital to secure its continued development including the acquisition of 10 Bombardier CS300 aircraft and realization of its purchase rights for a further 10 CS300 aircraft as well as more Bombardier Q400 aircraft.
While reporting losses through all first three quarters of this year, the carrier is still seeing an improvement on last year's performance and hopes to reach profitability in 2014 under its new management headed by Martin Gauss as CEO since November 1, 2011.
In August 2012, the Latvian state launched a tender for attracting non-binding expressions of interest by November 1, 2012, for a stake of up to 50 percent minus one share.
According to Baltic media reports, Turkish Airlines has emerged as the only European party to come forth, and negotiations are now reportedly to start "soon".
The Latvian state now owns 99 percent of the airline after the take-over in November 2011 of the 47 percent share earlier held by Baltic Aviation Systems owned by Bertolt Flick.
The carrier needs fresh capital to secure its continued development including the acquisition of 10 Bombardier CS300 aircraft and realization of its purchase rights for a further 10 CS300 aircraft as well as more Bombardier Q400 aircraft.
While reporting losses through all first three quarters of this year, the carrier is still seeing an improvement on last year's performance and hopes to reach profitability in 2014 under its new management headed by Martin Gauss as CEO since November 1, 2011.