The process is overseen by the US Southern District of New York Bankruptcy Court. “Chapter 11” is a process established in US law and internationally recognized, regularly used by both US and international airlines. It allows a company, under the supervision of a US court, to restructure financial obligations and attract new capital while continuing daily operations. AirBaltic is using this process to reorganize its financial obligations and achieve a more sustainable capital structure, the company statement says. It also emphasizes that the purpose of “Chapter 11” is financial restructuring of the company, not cessation of operations.
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