US bankruptcy court approves release of €35 million to airBaltic
The US Bankruptcy Court for the Southern District of New York has approved the release of the remaining part of the first tranche of DIP financing for airBaltic, worth €35 million. The news agency LETA reported this, citing a company representative.
The US Bankruptcy Court for the Southern District of New York has approved the release of the remaining part of the first financing tranche for airBaltic, Latvia's national airline. The amount is €35 million.
The money comes as debtor-in-possession (DIP) financing, a term for funding provided to a company whose case is being handled by a bankruptcy court.
The court decision was reported by the Latvian news agency LETA, citing airBaltic representative Augusts Zilberts.
The source does not give any further terms of the decision or say what the funds are to be used for.
