Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Latvian national air carrier airBaltic is to stop usage of ten Fokker50 aircraft and dismiss over 200 employees. This move will allow the company to save LVL 30 million, said CEO and co-owner of the airline Bertold Flick.
Flick announced company's plans on fleet modernisation in July 2011, then stating that the company planned to stop usage of ten Fokker 50 aircrafts gradually until 2013. At the end of August he said that due to high fuel prices and continuous cost pressures, airBaltic cannot rest on its past achievements, and needs to make further improvements to its efficiency by modernizing the fleet and stop usage of the ten Fokker 50 aircrafts earlier than initially planned.
Air Baltic Corporation was established in 1995. The company's majority shareholder is the Latvian State with 52.6% of shares. The minority shareholder of airBaltic is Baltijas Aviacijas Sistemas, of which 50% is owned by airBaltic's president Bertolt Flick.
In June Minister of Economics of the Republic of Latvia Artis Kampars said that airBaltic operated with a loss of LVL 18 million in the first five months of 2011 and is close to bankruptcy. Later the government has received the unaudited report on airBaltic operations in 2010, which states that the airline's losses amounted to LVL 34.2 million in 2010. In mid August the state representatives at the airline's council suggested that airBaltic requires an investment in the amount of at least LVL 60 million. This investment would solve only current needs. In order to develop airBaltic, it is necessary to invest more.
On 23 August the Latvian government decided to take part in bailing out airBaltic, stipulating the change of company's management as one of the main conditions. This is temporary result in long lasting disputes between both airBaltic shareholders.
Eurofound (2011), Air Baltic Corporation, Internal restructuring in Latvia, factsheet number 72317, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72317.
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