AirBaltic Needs Capital After $70 Million Loss, Latvia Says
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AirBaltic AS, the Latvian airline that’s majority-owned by the state, will need fresh capital following a loss of about 34.2 million lati ($69.8 million) last year, the Transport Ministry said.
AirBaltic’s financial situation is “serious,” the ministry said in a statement today. The Latvian airline has the lowest core capital ratio of all European airlines and needs cash to continue to operate and develop, it said.