REG - AS Air Baltic Corp - airBaltic Secures Equity to Overcome Crisis

Nabors IndustriesAnnouncement

11/05/2020 08:05

RNS Number : 3474M
  
AS Air Baltic Corporation
  
08 May 2020
  
 

7 May 2020
AS "Air Baltic Corporation"
airBaltic Secures Equity to Overcome Crisis
 
Riga. The Cabinet of Ministers of the Republic of Latvia, a major shareholder of airBaltic, today approved the investment of up to EUR 250 million into the equity of Latvian airline airBaltic to enable the company to mitigate the economic crisis caused by COVID-19.
 
Martin Gauss, the CEO of airBaltic, said: "With this new equity investment, we can begin to execute our new business plan "Destination 2025 CLEAN" which focuses on a new start for airBaltic once international flights resume. This will facilitate  successful growth for the company once the impact of the COVID-19 crisis begins to ease."
 
The Latvian government's plan, which remains subject to the approval of the European Commission, is to provide its investment to airBaltic in tranches. Each investment tranche will be provided in line with market rules and will not exceed the losses caused as a result of the COVID-19 crisis. 
 
Following such investment, the Latvian state's shareholding in airBaltic will increase from 80.05% to 91%.
This announcement contains inside information. 
For further information, please contact:
 
Vitolds Jakovlevs, e-mail: Vitolds.Jakovelevs@airbaltic.lv, phone: + 371 6720 5447 
 
 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.


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