Air Baltic has filed for Chapter 11 bankruptcy protection in the United States to carry out a financial restructuring. The airline says that operations will continue as usual and has hired Seabury Global Aviation Advisors as its financial advisor \u2013 the same advisory group that worked with SAS during its restructuring.<\/p>\n\n\n\n
The Latvian airline has filed for Chapter 11 bankruptcy in New York. Chapter 11 means that a company can continue operations while restructuring its debts and financing under court protection.<\/p>\n\n\n\n
Air Baltic states that the reconstruction process does not affect ongoing operations.<\/p>\n\n\n\n
\u2013 Flights will be operated according to schedule, tickets and reservations remain valid and customer service will continue as usual, the company writes in a press release.<\/p>\n\n\n\n
Air Baltic operates routes from Stockholm Arlanda to destinations in the Baltics and Finland, among other things.<\/p>\n\n\n\n
Air Baltic has hired Seabury Global Aviation Advisors as financial advisor in the reconstruction.<\/p>\n\n\n\n
Seabury also worked with SAS during the Scandinavian airline's Chapter 11 process, which began in 2022 and ended in 2024.<\/p>\n\n\n\n
In 2023, SAS also hired Ginger Hughes, then a partner at Seabury, as head of the company's restructuring process.<\/p>\n\n\n\n
Seabury's work for SAS has subsequently come under scrutiny for its costs. According to an investigation by Norwegian newspaper Dagens N\u00e6ringsliv, the advisor received around $55 million in hourly fees during SAS's restructuring and about the same amount in other fees and success-based fees.<\/p>\n\n\n\n
Air Baltic is owned by the Latvian state to a little over 88 percent. Lufthansa owns 10 percent, while the remaining share is owned by private shareholders.<\/p>\n\n\n\n
The airline describes the Chapter 11 process as a financial reconstruction and states that passengers' travel and bookings will continue without changes during the process.<\/p>\n\n\n\n
Source: di.se<\/p>\n\n\n\n
<\/p>","protected":false},"excerpt":{"rendered":"
Air Baltic har ans\u00f6kt om konkursskydd enligt Chapter 11 i USA f\u00f6r att genomf\u00f6ra en finansiell rekonstruktion. Flygbolaget uppger att trafiken forts\u00e4tter som vanligt och har anlitat Seabury Global Aviation Advisors som finansiell r\u00e5dgivare \u2013 samma r\u00e5dgivargrupp som arbetade med SAS under dess rekonstruktion. Det lettiska flygbolaget har l\u00e4mnat in ans\u00f6kan till domstol i New […]<\/p>\n","protected":false},"author":25,"featured_media":302118,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[179],"tags":[1643,273,3942,4603,9841,384,85,212,1372,9840,9843,466,734,354,638,200,9842,858,7785,436],"class_list":["post-305086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-flyg","tag-air-baltic","tag-arlanda","tag-baltikum","tag-chapter-11","tag-finansiell-rekonstruktion","tag-finland","tag-flyg","tag-flygbolag-travelguiden","tag-flygtrafik","tag-konkursskydd","tag-lettiska-staten","tag-lufthansa","tag-new-york","tag-passagerare","tag-rekonstruktion","tag-sas","tag-seabury-global-aviation-advisors","tag-transport","tag-travel-report","tag-usa"],"acf":[],"yoast_head":"\n