A European airline serving UK passengers has filed for bankruptcy.
Latvian carrier airBaltic, which transports more than eight million passengers each year, has filed for Chapter 11 bankruptcy protection in the United States.
The airline operates flights between Riga and three major UK airports:
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A post shared by airBaltic (@airbaltic)
A post shared by airBaltic (@airbaltic)
Why has airBaltic filed for Chapter 11 bankruptcy?
airBaltic explained it is using the Chapter 11 process to “address its financial obligations and achieve a more sustainable capital structure”.
Chairman of the airBaltic Supervisory Board, Andrejs Martinovs, said: “We have carefully assessed the restructuring options available to the company, with one priority in focus – to give airBaltic the best possible basis to continue operating and to build a sustainable financial structure.
“Under court supervision and with protection from creditor claims, this process provides a clear framework and timetable for reaching agreements with creditors, including aircraft lessors and other stakeholders.
“At the same time, it allows the company to continue operating.
“That is the central priority set for the airBaltic Management Board – to keep flying and to maintain Latvia’s connectivity.
“This process will of course require strict financial discipline, and the company will have to meet a number of important conditions along the way.
“Our aim is to complete the process with a financially stronger airBaltic and a substantially reduced level of obligations that the company can sustainably manage over the long term.
“We have a strong management team and experienced advisers with hands-on experience of implementing Chapter 11 processes. airBaltic is on the right track.”
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A post shared by airBaltic (@airbaltic)
A post shared by airBaltic (@airbaltic)
airBaltic has faced several challenges in recent years, according to Flightradar24, including rising fuel prices linked to the conflict in the Middle East and the loss of several “profitable” routes following Russia’s invasion of Ukraine.
The Latvian airline also faced operational disruptions caused by engine problems with Pratt & Whitney’s geared turbofan engines.
airBaltic had attempted to raise additional finances outside of Chapter 11 bankruptcy.
The airline even received a €30 million loan from the Latvian government earlier this year in an attempt to help it remain afloat.
But further state support was limited by European Union state-aid regulations.
Flightradar24 said: “Eventually, the airline’s board concluded that a court-supervised restructuring offered the clearest route forward.”
What does all this mean for airBaltic passengers?
Despite filing for bankruptcy, airBaltic said all flights will continue to operate as scheduled.
The airline said: “The process will not affect passengers and operations will continue as normal.
“Flights will operate as scheduled, tickets and reservations will remain valid, and customer service will continue as usual.
“Refunds, vouchers, gift cards and credits related to baggage or service claims will continue to be handled in line with existing policies.
“Passengers with upcoming travel do not need to take any action.”
UK travel companies and airlines that have closed or entered administration/liquidation in 2026
Several UK travel companies have ceased trading or entered administration in 2026:
Wayfairer Travel Limited has also suspended all services “until further notice” as it looks to appoint an administrator.
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Meanwhile, four UK airlines have fallen into administration or liquidation:
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