Latvia’s prime minister didn’t hedge his language. Andris Kulbergs called today’s bondholder vote “the last chance to really save airBaltic” — the actual description of the airline’s precarious situation. An initial vote on August 3 failed for lack of quorum. Today’s rescheduled vote decides whether airBaltic gets to convert part of its 2029 bonds into equity and recapitalize, or doesn’t.
A €13.775 million bond interest payment came due yesterday. Today’s outcome decides whether it gets paid in cash airBaltic doesn’t have much of, or capitalized into the debt instead.
How a National Carrier Got Here
The numbers are stark. 1Q26: a €70.1 million net loss on just €149 million in revenue — a loss nearly half the size of the entire quarter’s top line. Year-end 2025 cash on hand: €11 million. Fitch downgraded the credit rating in April, citing “very weak financial flexibility and acute liquidity pressure.”
Latvia’s prime minister didn’t hedge his language. Andris Kulbergs called today’s bondholder vote “the last chance to really save airBaltic” — the actual description of the airline’s precarious situation. An initial vote on August 3 failed for lack of quorum. Today’s rescheduled vote decides whether airBaltic gets to convert part of its 2029 bonds into equity and recapitalize, or doesn’t.
A €13.775 million bond interest payment came due yesterday. Today’s outcome decides whether it gets paid in cash airBaltic doesn’t have much of, or capitalized into the debt instead.
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