Airport, Financial Services, Latvia, Legislation, Lithuania, Transport

Representatives of the state-owned enterprise Indeliu ir Investiciju Draudimas have the greatest influence in the Snoras creditors’ committee.

According to Verslo Zinios, permission from the Lithuanians will be needed because airBaltic still owes roughly EUR 20 million to the bank.

The experts surveyed by Verslo Zinios say that as far as Lithuania’s interests are concerned, it would be better for airBaltic to attract a strategic investor with a clear development plan for the company and not a financial investor who would just inject some money in the airline with the aim to make profit as soon as possible.

The Latvian carrier’s 2016 report suggests that the company’s outstanding debt to Snoras was EUR 20.03 million at the end of last year. The debt is payable in ten years starting in 2019.

As reported, Transport Ministry state secretary Kaspars Ozolins told LETA that the ministry is currently considering a number of concrete proposals from potential airBaltic investors and that a full divestiture of the government-owned shares might also be possible.

The Latvian government holds around 80 percent of airBaltic shares, while a 20 percent stake in the company belongs to Danish businessman Lars Thuesen.