India, Sept. 14 -- Latvia's airBaltic voluntarily filed for Chapter 11 bankruptcy protection in New York on Monday as it seeks to restructure its debt and cope with soaring costs linked to the Iran war.
The airline secured a commitment for EUR 350 million in financing from lenders including Strategic Value Partners, Barclays, Hayfin Capital Management, Morgan Stanley and Oaktree Capital Management, subject to court approval.
The financing carries an interest rate of about 12%. AirBaltic, which has about $583 million in funded debt and finance lease liabilities, expects to complete the restructuring by June next year while maintaining scheduled flights.
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