airBaltic has filed for Chapter 11 bankruptcy protection in the US to restructure its debt, with flights continuing as usual during the process.
Losing Russia is bad, losing them and trying to sustain high fuel prices is 5x bad, not that it's something they can control. I really hope they survive, AirBaltic is cool, just struggling to see how it can work out unless something they cannot control suddenly changes in their favor.
Air Baltic is a wonderful little airline and I hope they survive and prosper.
Most of us want them to survive, but it's a really bad combination, in part due to: Russia (both loss of routes to/from there, and closed airspace due to that war), the Iran war also driving up fuel costs, P&W engine issues affecting their A220 fleet, and higher interest rates making refinancing a challenge. They'll either end up like Norwegian after its bankruptcy, or like Spirit. Hoping for the former; wishing them the best.
I'm surprised BT has enough debt in the US to make this worthwhile. I'd assume most of their creditors are in the EU.