Latvia in Talks with Strategic Investor for Ailing airBaltic, PM Says
Latvian Prime Minister Andris Kulbergs has confirmed that the government is in negotiations with a strategic investor for the struggling state-controlled airline airBaltic. The carrier, in which Germany's Lufthansa holds a minority stake, faces financial strain and a potential default, with a key bondholder meeting scheduled for August 3 to seek short-term financing. Kulbergs stated that a deal is expected to be executed this summer, with Latvia's main condition being the maintenance of airBaltic's hub at Riga Airport. The airline has been hit by rising costs linked to the U.S.-Israeli war with Iran, engine delivery delays grounding many of its Airbus A220-300 aircraft, and the loss of Russian and Ukrainian markets. AirBaltic has also postponed its IPO plans and will present a new restructuring business plan next week.
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