After the start of the Chapter 11 financial restructuring procedure in the U.S., airBaltic has revealed the list of its largest unsecured creditors. The largest claim — over $66.5 million — was made by the aircraft engine manufacturer Pratt & Whitney.
The Latvian airline airBaltic has disclosed in documents filed with the U.S. Bankruptcy Court for the Southern District of New York a list of its largest unsecured creditors.
The largest claim against the carrier was made by the American aircraft engine manufacturer Pratt & Whitney — $66.5 million.
The documents also indicate that the airline may have between 10,001 and 25,000 creditors. At the same time, the estimated value of its assets is assessed in the range of $1 billion to $10 billion, with a similar range indicated for the total liabilities.
The largest unsecured creditors also include:
- Latvian Environment, Geology and Meteorology Center — $42.4 million;
- Ministry of Transport of Latvia — $20.1 million;
- State Revenue Service — $15.4 million;
- Riga Airport — $9.1 million;
- Eurocontrol — $5.6 million;
- Shell Energy Europe — $5.4 million;
- Macquarie Aircraft Leasing Services — $4.7 million;
- Wilmington Trust SP Services — $3.4 million;
- Airbus Flight Hour Services — $3.3 million.
The claims of the other creditors amount to less than $3 million each.
The publication of the creditor list marks another stage in the Chapter 11 procedure that the airline initiated for financial restructuring (more details here). This mechanism allows for the review of debt obligations under the control of a U.S. court without ceasing operational activities.
For passengers, nothing changes. airBaltic continues to operate flights, sell tickets, and serve customers as usual. The company emphasizes that the procedure is aimed at financial recovery, not at ceasing operations.
At the same time, the carrier has already secured commitments for €350 million in new financing under the debtor-in-possession (DIP) procedure. The funds are ready to be provided by international financial organizations, and the interest rate will be about 12% per annum, which is significantly lower than the previously discussed interim financing option at 25%.
The company expects to complete the restructuring by around June 2027. In the future, it plans to reduce the debt burden, attract new capital, and make the airline's financial structure more sustainable.
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