The head of the Latvian government explained that this decision means that the submitted documents are legally approved, and the court has accepted the application from airBaltic. "The next step is to immediately secure financing to ensure the airline's operations, including employee salaries and fuel," he said. "airBaltic" has received a binding commitment from financing organizations to provide new funding of 350 million euros to ensure the company's liquidity and operations during the Chapter 11 process (debtor-in-possession or DIP financing). The financing was organized by Strategic Value Partners, and it is to be provided by Barclays, Hayfin Capital Management, Morgan Stanley, Oaktree Capital Management, and Strategic Value Partners. The interest rate is SOFR +8%, or currently about 12%. LETA agency is aware that the court hearing is still ongoing, and more detailed comments on the decisions made will be announced by airBaltic on Wednesday morning, September 16.
