Air Baltic Files for Chapter 11 to Help Restructure Debts

Air Baltic Corp. AS filed for Chapter 11 bankruptcy protection in New York to restructure its debts, according to the brief report. The struggling Latvian airline initiated the process in New York and has secured a debtor-in-possession financing commitment of €350 million (about $404 million). The move is intended to provide the company with funding while it reorganizes under U.S. bankruptcy protection. While the excerpt does not provide further details on creditors, the scope of the debt, or specific restructuring steps, it places Air Baltic’s financial turnaround efforts squarely within Chapter 11 proceedings in the U.S. legal system, supported by the DIP financing amount cited.