REG - AS Air Baltic Corp - Covid 19 impact

Nabors IndustriesAnnouncement

13/03/2020 13:45

RNS Number : 1273G
  
AS Air Baltic Corporation
  
13 March 2020
  
 

13 March 2020
AS "Air Baltic Corporation"
airBaltic Statement on the Continued Impact of COVID-19


Riga. In light of the state of emergency declared by the Government of the Republic of Latvia on 12 March 2020, and following the continued sharp decline in demand from passengers across the network alongside the growing impact of COVID-19 to the industry, airBaltic has taken further proactive measures to mitigate the financial impact of COVID-19. Such measures have been undertaken in accordance with instructions issued by the Latvian governmental authorities.
In addition to the previously announced temporary suspension of services to Italy and Israel, further suspensions are necessary in order to continue to ensure the safety of crews and passengers. These suspensions will reduce airBaltic's capacity by approximately half to 22 aircraft. All new route launches are deferred until beginning of July 2020.
As a major proactive measure, airBaltic intends to further reduce its Q2 capacity by approximately 10% (resulting in a total reduction of approximately 30%) which will result in the temporary reduction of approximately 25% of employees in total. The company will seek voluntary solutions, non-extension of probation time, unpaid leave and termination.
Due to the exceptional circumstances caused by the spread of COVID-19, it is currently impossible to predict the final impact of the outbreak. However, as at today's date, airBaltic is well positioned to withstand a significant market shock.
airBaltic will continue to monitor the booking situation and to act quickly to adjust flight schedules and policies where necessary in response to the developing situation.
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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