Latvia's national air carrier AirBaltic has filed for Chapter 11 bankruptcy in the United States. This was reported by Qazaqyia.kz citing Reuters.
According to Reuters, the company's move is directly linked to costs arising from the Iran war. Due to the consequences of the war, the airline's financial position deteriorated, forcing it to begin bankruptcy protection proceedings.
Chapter 11 is a protection procedure under the US bankruptcy code. It allows a company to continue operating while restructuring its debts.
AirBaltic is Latvia's national airline. According to Reuters, the company turned to this procedure because of costs related to the Iran war.