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Latvia to Invest 41.6 Million Lati in AirBaltic, BNS Reports

Dec. 13 (Bloomberg) -- Latvia’s government agreed to invest 41.6 million lati ($78.8 million) in unprofitable state-owned airline AirBaltic AS’s capital, the Baltic News Service reported, citing a Transport Ministry official.

The increase would follow an investment of 16 million lati the state made in October, and would need to be approved by Parliament, said Anrijs Matiss, the Transport Ministry’s state secretary, the newswire reported.

Should the minority shareholder, Baltic Aviation Systems, be unable to invest in the capital, another 25.4 million-lati loan would be given to the airline from the state treasury, Matiss said, BNS reported.

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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