airBaltic succeeds in securing €250 million in new equity

airBaltic ©AirTeamImages

Shareholders in Latvia’s carrier airBaltic have approved a €250 million (US$285 million) investment by the Republic of Latvia in order to assist it through the COVID-19 crisis.

Martin Gauss, the CEO of airBaltic, said: “With this new equity investment we are executing our new business plan Destination 2025 CLEAN. This investment will facilitate the successful growth of airBaltic leading to an IPO in the future.” The investment received EU approval on July 3.

Back in April, the Supervisory Board approved a new business plan which foresaw adapted operations utilizing just 22 of its Airbus A220-300 aircraft during 2020 – 2021, taking into account reduced capacity, but that fleet increasing to 50 A220-300s by end 2023. The options for an additional 30 A220-300s will remain in place to cover future growth.

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