The reason for this was a post by the Baltic Capital Investments account on the social network X. The author suggested that the largest shareholders could become the investment companies Polus Capital Management and Klirmark Capital. However, this is just the author's scenario, not the official plans of the government or the airline itself. ## ## What is officially known airBaltic has reached an agreement with some bondholders to raise financing of up to 257 million euros through the issuance of new bonds with a high interest rate. Initially, the company expects to receive 180 million euros, with another 77 million euros after meeting additional conditions. A decision on the deal is to be made by the bondholders on September 11. Currently, the state of Latvia owns 88.37% of the voting shares of airBaltic, Lufthansa owns 10%, and the remaining shares are held by private investors. ## ## What scenario is being discussed According to the author of the publication, the restructuring may take place in several stages: the company will attract new funds, reduce its fleet from approximately 54 to 36 Airbus A220-300 aircraft, and some debts will be converted into shares. In this case, the share of the current shareholders may significantly decrease. The author suggests that investors Polus and Klirmark could acquire about 60% of the company, bondholders about 30%, while the state would retain only 10%. At the same time, he admits that the share of the two investors could be even higher if they have already bought some bonds on the market. ## ## For now, this is just a forecast The author himself emphasizes that his calculations are based on assumptions and that "a lot can go wrong." He suggests revisiting these forecasts in early 2027. Prime Minister Andris Kulbergs previously stated that during the restructuring, the question of whether the state will maintain control over airBaltic will indeed need to be addressed. However, the final capital structure of the company has not yet been approved. People of the Baltics - meet your new airBaltic owners: Polus Capital and Klirmark Capital.Here’s what I think will happen.Rough balance sheet of today (guesstimate):Equity (250)Senior bonds 395Oth borrowing 140Leases 915Other op liab 420Cash 30— Baltic Capital Investments (@OMXBB_Explorer) September 4, 2026