{"id":22466060,"date":"2026-09-15T10:01:25","date_gmt":"2026-09-15T08:01:25","guid":{"rendered":"https:\/\/migflug.com\/afterburner\/airbaltic-chapter-11-filing-350-million-dip-financing-2026\/"},"modified":"2026-09-15T10:02:30","modified_gmt":"2026-09-15T08:02:30","slug":"airbaltic-chapter-11-filing-350-million-dip-financing-2026","status":"publish","type":"post","link":"https:\/\/migflug.com\/afterburner\/it\/airbaltic-chapter-11-filing-350-million-dip-financing-2026\/","title":{"rendered":"airBaltic Files Chapter 11: \u20ac350 Million to Keep Flying"},"content":{"rendered":"<style>.et_pb_title_container h1.entry-title { padding-top: 40px !important; }<\/style>\r\n\r\n<p>airBaltic does not fly to the United States. It never has. Its aircraft are Canadian-built, its shareholders are Latvian and German, its passengers are overwhelmingly European, and its longest route tops out somewhere around the Gulf. On Monday it walked into a courthouse in Manhattan anyway.<\/p>\r\n\r\n<p>The Latvian flag carrier filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York on 14 September, case number 26-12188, assigned to Judge Lisa G. Beckerman. It arrived with &euro;350 million of fresh money already lined up and a promise that not a single flight would be cancelled. Both of those things are true. So is the fact that this is the most serious moment in the airline&rsquo;s thirty-one-year history.<\/p>\r\n\r\n\r\n<div style=\"background:#f5f5f5;padding:20px 22px;margin:24px 0\"><p style=\"margin:0 0 10px;font-weight:700;font-size:17px;color:#1a1a1a\">Quick Facts<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>Airline:<\/strong> airBaltic (Air Baltic Corporation AS), Latvian flag carrier, founded 1995<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>Filed:<\/strong> 14 September 2026, U.S. Bankruptcy Court, Southern District of New York, case 26-12188<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>New financing:<\/strong> &euro;350 million debtor-in-possession facility at SOFR plus 8 percent, roughly 12 percent<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>Debt:<\/strong> About $583 million of funded debt and finance leases, plus &euro;106 million of payroll and airline taxes and fees<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>Fleet:<\/strong> 54 Airbus A220-300 in service, only 15 of them owned outright<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>Ownership:<\/strong> Latvian state 88.37 percent of voting rights, Lufthansa 10 percent, private holders 1.63 percent<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>Expected exit:<\/strong> Around June 2027<\/p><p style=\"margin:5px 0;font-size:15px;line-height:1.6\"><strong>Flights:<\/strong> Operating as scheduled. Tickets, bookings and vouchers remain valid<\/p><\/div>\r\n\r\n\r\n<h2 style=\"padding-top:22px\">Why New York<\/h2>\r\n\r\n<p>The board looked at four other routes out and rejected all of them: a UK restructuring plan under Part 26A of the Companies Act, an EU state aid package, Latvian legal-protection proceedings, and simply raising private money. Chapter 11 won for an unglamorous reason. The &euro;350 million was only available in connection with a Chapter 11 filing, and nothing else on the table came close.<\/p>\r\n\r\n<p>There is a respectable logic underneath it. airBaltic&rsquo;s creditors, its bondholders and above all its aircraft lessors are scattered across a dozen jurisdictions. Chapter 11 pulls all of them into one courtroom under one judge. The airline&rsquo;s own phrasing is that its obligations are international in nature and need a single court-supervised process.<\/p>\r\n\r\n\r\n<div style=\"background:#f8f9fa;border-left:4px solid #5C91FF;padding:20px 22px;margin:18px 0 24px;font-size:16px;line-height:1.7;display:flex;gap:20px;align-items:flex-start\"><div><em>&ldquo;Our focus is on continuing to run the airline while implementing the changes set out in our new business plan. For our passengers, our operations continue as normal &ndash; the process does not affect their travel experience and is not noticeable to them &ndash; we are flying, selling tickets and planning our future schedule, with the same focus on safety and operational reliability.&rdquo;<\/em><div style=\"margin-top:10px;font-size:14px;color:#555\"><strong>Erno Hild&eacute;n<\/strong> &mdash; President and Chief Executive Officer, airBaltic<\/div><\/div><\/div>\r\n\r\n\r\n<p>Hild&eacute;n knows the ground. He was chief financial officer of SAS and helped steer the Scandinavian carrier through its own Chapter 11 between 2022 and 2024. He has said openly that airBaltic is targeting the same process. It worked for SAS. That is not a guarantee, but it is not nothing either.<\/p>\r\n\r\n\r\n<div style=\"max-width:550px;margin:0 auto 28px\"><iframe class=\"skip-lazy\" data-no-lazy=\"1\" loading=\"eager\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?id=2099384011659391345&theme=light\" style=\"width:100%;height:400px;border:none;overflow:hidden\" allowfullscreen><\/iframe><\/div>\r\n\r\n\r\n<h2 style=\"padding-top:22px\">The deal that did not happen<\/h2>\r\n\r\n<p>To understand Monday you have to understand last week. Before the filing, bondholders were being asked to approve up to &euro;257 million of new super-senior debt, due February 2027, at 25 percent annual interest &mdash; money backed by Polus Capital Management in London and Klirmark Capital in Israel. Twenty-five percent is the kind of rate you pay when the alternative is the lights going out.<\/p>\r\n\r\n<p>They said no. According to Reuters, holders of more than 70 percent of the debt by value preferred liquidation. Latvian prime minister Andris Kulbergs said the loan would have bought time without fixing anything.<\/p>\r\n\r\n\r\n<figure class=\"wp-block-image size-large\" style=\"margin:0 0 24px;width:100%\"><img decoding=\"async\" class=\"skip-lazy\" data-no-lazy=\"1\" loading=\"eager\" width=\"1024\" src=\"https:\/\/migflug.com\/afterburner\/wp-content\/uploads\/sites\/4\/2026\/09\/airbaltic-a220-300-yl-abs-visby-landing-scaled.jpg\" alt=\"airBaltic Airbus A220-300 YL-ABS landing at Visby\" style=\"width:100%;height:auto;max-width:100%;display:block\"><figcaption style=\"font-size:13px;color:#777;text-align:center;margin-top:6px;font-style:italic\">An airBaltic A220-300 on short final. The airline flies 54 of them, and owns only 15. Photo: Bene Riob&oacute; \/ CC BY-SA 4.0<\/figcaption><\/figure>\r\n\r\n\r\n<p>The debtor-in-possession facility that replaced it is cheaper by more than half: SOFR plus 8 percent, which the company puts at roughly 12 percent. Strategic Value Partners arranged it; Barclays, Hayfin Capital Management, Morgan Stanley and Oaktree Capital Management are in alongside. It still needs the court&rsquo;s blessing.<\/p>\r\n\r\n<h2 style=\"padding-top:22px\">How a profitable-looking airline ran out of cash<\/h2>\r\n\r\n<p>airBaltic carried 5.2 million passengers in 2025 on &euro;779.3 million of revenue and lost &euro;44.3 million. August 2026 traffic was up 5 percent year on year with an 83.9 percent load factor. The aeroplanes are full. The problem was never demand.<\/p>\r\n\r\n<p>It was, first, fuel. The war between the United States and Iran roughly doubled jet fuel prices and triggered what the industry now calls its worst crisis since the pandemic. airBaltic had not hedged. A &euro;30 million emergency loan from the Latvian state in April 2026 was gone by June.<\/p>\r\n\r\n<p>Second, geography. The Riga hub was built on transit traffic moving between Western Europe and Russia, Belarus and Ukraine. That traffic no longer exists, and nothing has replaced it at the same volume.<\/p>\r\n\r\n<p>Third, ambition. The airline was planning towards a fleet of 100 A220s. Kulbergs put the counter-argument bluntly: serving Baltic and Latvian routes requires only 30 aircraft, not 100. The August 2026 business plan cuts the fleet to 36 by the end of this year and rebuilds only to about 40 by 2031.<\/p>\r\n\r\n\r\n<div style=\"background:#f8f9fa;border-left:4px solid #1565c0;padding:20px 22px;margin:18px 0 24px;font-size:16px;line-height:1.7;display:flex;gap:20px;align-items:flex-start\"><div><em>&ldquo;This gives them a protective framework to put their house in order... I don&rsquo;t see why airBaltic wouldn&rsquo;t do the same as SAS.&rdquo;<\/em><div style=\"margin-top:10px;font-size:14px;color:#555\"><strong>John Strickland<\/strong> &mdash; Aviation analyst, JLS Consulting<\/div><\/div><\/div>\r\n\r\n\r\n<h2 style=\"padding-top:22px\">The bill Airbus is about to get<\/h2>\r\n\r\n<p>Buried in the filing is the line that will be read hardest in Toulouse. airBaltic intends to use the bankruptcy to cancel or defer deliveries under a $3.5 billion order for 40 further aircraft from Airbus, along with $106.7 million of additional engines from Pratt &amp; Whitney. RTX declined to comment. Airbus did not immediately respond.<\/p>\r\n\r\n<p>Pratt &amp; Whitney is already the airline&rsquo;s largest unsecured creditor, at $66.5 million. The rest of the top of the list is a portrait of a national carrier: the Latvian Environment, Geology and Meteorology Centre at $42.4 million, the Ministry of Transport at $20.06 million, the State Revenue Service at $15.4 million, Riga Airport at $9.07 million, Eurocontrol at $5.59 million. The petition puts the total creditor count somewhere between ten and twenty-five thousand.<\/p>\r\n\r\n<p>One clarification worth making, because the creditor list invites the wrong conclusion: Latvia&rsquo;s tax authority told LETA that airBaltic paid over &euro;40 million in taxes between January and July 2026 and has no direct tax debt. Foreign insolvency filings list every potential claimant, not just the delinquent ones.<\/p>\r\n\r\n<h2 style=\"padding-top:22px\">What happens to the people<\/h2>\r\n\r\n<p>Collective dismissal consultations with the unions are already running. airBaltic employs more than 3,000 people, and a fleet cut from 54 aircraft to 36 does not leave room for all of them. Dace Kavasa, who chairs the Latvian aviation union, says there are still serious disagreements over how the selection criteria have been drawn up.<\/p>\r\n\r\n<p>Hild&eacute;n will not put a number on the job losses until the consultations finish. The airline expects to be out the other side of the process around June 2027, smaller, with the Airbus order renegotiated and the &euro;380 million bond restructured. Latvia goes to the polls on 3 October, which means the government that owns 88 percent of this airline may not be the government that finishes the job.<\/p>\r\n\r\n\r\n<div style=\"position:relative;padding-bottom:56.25%;height:0;overflow:hidden;margin:24px 0\"><iframe class=\"skip-lazy\" data-no-lazy=\"1\" loading=\"eager\" src=\"https:\/\/www.youtube.com\/embed\/xXHc-9ksxM4\" style=\"position:absolute;top:0;left:0;width:100%;height:100%;border:0\" allowfullscreen><\/iframe><\/div>\r\n\r\n\r\n<p style=\"font-size:14px;color:#777;text-align:center;font-style:italic;margin-top:-10px\">Reuters on whether the airBaltic filing is a warning for the rest of Europe&rsquo;s airlines.<\/p>\r\n\r\n\r\n<style>.mfq{margin:34px 0 8px}.mfq h2{font:26px\/1.3 \"Gilroy semiBold\",Helvetica,Arial,sans-serif;color:#0d1117;padding-top:22px;margin:0 0 6px}.mfq .qa details{border-top:1px solid #5C91FF;margin:0;padding:0}.mfq .qa details:last-of-type{border-bottom:1px solid #e2e7ee}.mfq .qa summary{cursor:pointer;list-style:none;display:flex;justify-content:space-between;align-items:center;gap:16px;padding:22px 26px;font:18px\/1.7 \"Gilroy semiBold\",Helvetica,Arial,sans-serif;color:#0d1117}.mfq .qa summary::-webkit-details-marker{display:none}.mfq .qa summary::after{content:\"+\";font:24px Helvetica,sans-serif;color:#3568e0;flex:0 0 auto}.mfq .qa details[open] summary::after{content:\"\\2013\"}.mfq .qa details:hover summary{color:#3568e0}.mfq .qa .a{font:16px\/1.7 \"Gilroy regular\",Helvetica,Arial,sans-serif;color:#454e5e;padding:0 26px 24px}.mfq .qa .a a{color:#3568e0}@media(max-width:680px){.mfq .qa summary{padding:18px 14px;font-size:17px}.mfq .qa .a{padding:0 14px 20px}}<\/style>\r\n\r\n\r\n<section class=\"mfq\"><h2>Frequently Asked Questions<\/h2><div class=\"qa\"><details open><summary>Is airBaltic still flying after its Chapter 11 filing?<\/summary><div class=\"a\">Yes. airBaltic says all flights are operating as scheduled, tickets and reservations remain valid, and refunds, vouchers, gift cards and service credits continue to be handled under existing policies. Passengers need to take no action. Chapter 11 is a reorganisation, not a shutdown.<\/div><\/details><details><summary>Why did a Latvian airline file for bankruptcy in New York?<\/summary><div class=\"a\">airBaltic says its financing, creditors and aircraft leases are international, so a single U.S. court-supervised process is the cleanest way to deal with all of them at once. The board considered and rejected a UK Part 26A restructuring plan, EU state aid, Latvian insolvency proceedings and private financing. The decisive factor was that the &euro;350 million of new funding was only available in connection with a Chapter 11 filing.<\/div><\/details><details><summary>How much money did airBaltic secure, and from whom?<\/summary><div class=\"a\">A &euro;350 million debtor-in-possession facility, priced at SOFR plus 8 percent, which airBaltic describes as roughly 12 percent. Strategic Value Partners arranged it, with Barclays, Hayfin Capital Management, Morgan Stanley and Oaktree Capital Management also lending. It remains subject to court approval.<\/div><\/details><details><summary>Who owns airBaltic?<\/summary><div class=\"a\">The Latvian state holds 88.37 percent of the voting rights, Deutsche Lufthansa AG holds 10 percent after investing in early 2025, and private shareholders hold the remaining 1.63 percent. Bondholders are creditors rather than shareholders, holding around &euro;380 million of senior secured bonds.<\/div><\/details><details><summary>What caused airBaltic to run out of money?<\/summary><div class=\"a\">A combination. The US-Iran war roughly doubled jet fuel prices and airBaltic had not hedged its fuel. The Riga hub lost the Russian, Belarusian and Ukrainian transit traffic it was built around. And the airline had expanded towards a target of 100 aircraft that its home market could not support. A &euro;30 million Latvian state loan in April 2026 was exhausted by June.<\/div><\/details><details><summary>What happens to airBaltic&rsquo;s Airbus order?<\/summary><div class=\"a\">The court filing says airBaltic intends to use the process to cancel or defer deliveries under a $3.5 billion order for 40 further aircraft from Airbus, plus $106.7 million of additional engines from Pratt &amp; Whitney. Airbus had not commented at the time of writing and RTX declined to comment.<\/div><\/details><details><summary>Did airBaltic default on its bonds?<\/summary><div class=\"a\">No. In August 2026 bondholders formally agreed to capitalise the August and November 2026 coupon payments, adding them to principal rather than paying cash, and waived a minimum-liquidity covenant. That is a consensual amendment, not a default. The bonds were priced in May 2024 at &euro;340 million with a 14.50 percent coupon, later increased to &euro;380 million outstanding.<\/div><\/details><\/div><\/section>\r\n\r\n\r\n\r\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Is airBaltic still flying after its Chapter 11 filing?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes. airBaltic says all flights are operating as scheduled, tickets and reservations remain valid, and refunds, vouchers, gift cards and service credits continue to be handled under existing policies. Passengers need to take no action. Chapter 11 is a reorganisation, not a shutdown.\"}},{\"@type\":\"Question\",\"name\":\"Why did a Latvian airline file for bankruptcy in New York?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"airBaltic says its financing, creditors and aircraft leases are international, so a single U.S. court-supervised process is the cleanest way to deal with all of them at once. The board considered and rejected a UK Part 26A restructuring plan, EU state aid, Latvian insolvency proceedings and private financing. The decisive factor was that the &euro;350 million of new funding was only available in connection with a Chapter 11 filing.\"}},{\"@type\":\"Question\",\"name\":\"How much money did airBaltic secure, and from whom?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A &euro;350 million debtor-in-possession facility, priced at SOFR plus 8 percent, which airBaltic describes as roughly 12 percent. Strategic Value Partners arranged it, with Barclays, Hayfin Capital Management, Morgan Stanley and Oaktree Capital Management also lending. It remains subject to court approval.\"}},{\"@type\":\"Question\",\"name\":\"Who owns airBaltic?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Latvian state holds 88.37 percent of the voting rights, Deutsche Lufthansa AG holds 10 percent after investing in early 2025, and private shareholders hold the remaining 1.63 percent. Bondholders are creditors rather than shareholders, holding around &euro;380 million of senior secured bonds.\"}},{\"@type\":\"Question\",\"name\":\"What caused airBaltic to run out of money?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A combination. The US-Iran war roughly doubled jet fuel prices and airBaltic had not hedged its fuel. The Riga hub lost the Russian, Belarusian and Ukrainian transit traffic it was built around. And the airline had expanded towards a target of 100 aircraft that its home market could not support. A &euro;30 million Latvian state loan in April 2026 was exhausted by June.\"}},{\"@type\":\"Question\",\"name\":\"What happens to airBaltic\u2019s Airbus order?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The court filing says airBaltic intends to use the process to cancel or defer deliveries under a $3.5 billion order for 40 further aircraft from Airbus, plus $106.7 million of additional engines from Pratt & Whitney. Airbus had not commented at the time of writing and RTX declined to comment.\"}},{\"@type\":\"Question\",\"name\":\"Did airBaltic default on its bonds?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. In August 2026 bondholders formally agreed to capitalise the August and November 2026 coupon payments, adding them to principal rather than paying cash, and waived a minimum-liquidity covenant. That is a consensual amendment, not a default. The bonds were priced in May 2024 at &euro;340 million with a 14.50 percent coupon, later increased to &euro;380 million outstanding.\"}}]}<\/script><p><em>Sources: airBaltic newsroom; Reuters; ch-aviation; Aviation Week; LSM.lv; The Baltic Times; Skift; AeroTime; Epiq Corporate Restructuring.<\/em><\/p>\r\n\r\n\r\n<div style=\"background:#f0f4ff;border-left:4px solid #5C91FF;padding:16px 20px;margin:32px 0 8px\"><p style=\"margin:0 0 8px;font-weight:600;color:#333\">Related Posts<\/p><p style=\"margin:4px 0\"><a href=\"https:\/\/migflug.com\/afterburner\/wizz-air-a321xlr-engines-removed-bydgoszcz-2026\/\">Wizz Air Is Pulling the Engines Off Its A321XLRs<\/a><\/p><p style=\"margin:4px 0\"><a href=\"https:\/\/migflug.com\/afterburner\/sas-airbus-widebody-order-a330neo-a350-2026\/\">SAS Orders Widebodies Again<\/a><\/p><p style=\"margin:4px 0\"><a href=\"https:\/\/migflug.com\/afterburner\/tarom-first-boeing-737-max-8-yr-bgo-delivery-2026\/\">TAROM Takes Its First Boeing 737 MAX 8<\/a><\/p><\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>Latvia\u2019s flag carrier filed in Manhattan on Monday with \u20ac350 million of new money, a fleet cut from 54 aircraft to 36, and a $3.5 billion Airbus order it wants to unwind.<\/p>","protected":false},"author":25,"featured_media":22465747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"editor_notices":[],"footnotes":""},"categories":[665,670],"tags":[],"class_list":["post-22466060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aviation-world","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>airBaltic Chapter 11: 350 Million to Keep Flying | MiGFlug<\/title>\n<meta name=\"description\" content=\"airBaltic filed for Chapter 11 in New York on 14 September 2026 with a 350 million euro loan, a fleet cut to 36 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