newstodate.aero

May 27, 2022 (newstodate): The Latvian carrier airBaltic has again succeeded in getting green lights for state support.
   The EU Commission has thus approved the Latvian state to inject another 44.4 mio euro into the airline as compensation for damages due to the Covid-19 pandemic.
   -The purpose of the support is to compensate for the airline's losses incurred as a result of flight restrictions due to Covid-19 between December 16, 2020, and June 14, 2021. airBaltic suffered major losses as passenger traffic dropped significantly, the European Commission says.
   In the closing days of 2021, the EU Commission approved half of the Latvian government's investment of 45 million euro into the equity of the Latvian airline airBaltic.
   The aid was seen as a compensation for the losses caused by the Covid-19 pandemic and to support the airline in overcoming the economic crisis.
   On August 17, 2021, the majority shareholder of airBaltic the Latvian state actually approved the investment of 90 million euro into the equity of airBaltic - and the second half of this injection has now been approved.
   The capital infuse is planned to be returned to the Latvian state in form of proceeds from selling shares during a planned initial public offering of airBaltic in the future.
   Due to the Covid-19 pandemic, the number of passengers carried by airBaltic decreased by 73 percent, y-o-y, in 2020, and significantly influenced the company’s operations.