newstodate.aero
Feb 04, 2016 (newstodate): At long last, airBaltic's investment plan for fleet modernisation and its new Horizon 2021 business plan has been secured.
Long delayed, an agreement has today been signed between the Latvian government and German national, Ralf-Dieter Montag-Girmes who will acquire 20 percent of the state-owned carrier EUR 52 million and invest a further EUR 80 million in the airline.
The investment and the increase of the equity of airBaltic were backed by the Latvian Parliament on December 3, 2015, under the condition that airBaltic and its affiliated companies are prohibited from purchasing, renting or otherwise utilizing equipment produced by military industrial complexes and their affiliates subject to sanctions imposed by the European Union or the international community and are ratified by Latvia - which, in plain language, means that airBaltic will not take Russian-built Superjet 100 aircraft into its fleet.
With the deal done, airBaltic can now focus on the financing and introduction of the new Bombardier CS300 aircraft ordered, with first delivery by the latter part of this year.
At the same time, the search for a future strategic partner can now proceed on the strengthened financial basis of the airline.
airBaltic will become the world's first operator of CS300, having placed orders for a total of 13 aircraft, with options for a further seven units that may be either CS300 or CS100.
Long delayed, an agreement has today been signed between the Latvian government and German national, Ralf-Dieter Montag-Girmes who will acquire 20 percent of the state-owned carrier EUR 52 million and invest a further EUR 80 million in the airline.
The investment and the increase of the equity of airBaltic were backed by the Latvian Parliament on December 3, 2015, under the condition that airBaltic and its affiliated companies are prohibited from purchasing, renting or otherwise utilizing equipment produced by military industrial complexes and their affiliates subject to sanctions imposed by the European Union or the international community and are ratified by Latvia - which, in plain language, means that airBaltic will not take Russian-built Superjet 100 aircraft into its fleet.
With the deal done, airBaltic can now focus on the financing and introduction of the new Bombardier CS300 aircraft ordered, with first delivery by the latter part of this year.
At the same time, the search for a future strategic partner can now proceed on the strengthened financial basis of the airline.
airBaltic will become the world's first operator of CS300, having placed orders for a total of 13 aircraft, with options for a further seven units that may be either CS300 or CS100.