REG - AS Air Baltic Corp - airBaltic Secures Equity to Overcome Crisis
RNS Number : 3474MAS Air Baltic Corporation08 May 20207 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDISEUWVNRRKUVRRR
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