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Tocs, Sandris

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Diena - Latvia | 28/07/2011

Air Baltic needs more money

The German CEO of Air Baltic, Bertolt Flick, has called several times in the last few weeks for the company to increase its capital in order to modernise its fleet of airplanes. So far the Latvian State, which owns the majority of the airline, has refused. The liberal daily Diena criticises this stance: "The government must decide to raise Air Baltic's capital, as called for by the airline's private shareholder (who has already advanced 12 million euros), by aviation experts and by the trade unions. So far the government has hesitated, but the company needs new, efficient airplanes and more investment in development. The capital increase may be being hindered by the agreement with the IMF, which ignores the needs of the economy and simply stipulates key performance indicators that must be met. The government has gone over to keeping information about Air Baltic secret. We know, however, from bitter experience where secrecy and lies can lead."

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