Air Baltic Corp AS expects its restructuring plan to affect between 500 and 700 jobs across the carrier’s three biggest bases as the Latvian airline streamlines the business while undergoing Chapter 11 bankruptcy protection. Positions at Riga, Latvia; Vilnius, Lithuania; and Tallinn, Estonia, are at risk based on current planning assumptions, Air Baltic said Monday in a statement. The airline, which employs 3,000 staff across the Baltic states, is discussing reduced workloads for pilots and cabin crew, it said.
Air Baltic filed for bankruptcy protection last month in New York in an attempt to restructure its debt burden and address high fuel prices and travel disruptions from the Iran war. That plan also includes shrinking its all-Airbus SE A220 fleet by 60 aircraft by 2031. "We recognize that this is an important and sensitive process for our people," Chief Executive Officer Erno Hilden said in the statement. "No final decisions have been made regarding individual employees."Air Baltic is preparing adjustments to the workforce to manage its cost base for the future of the business, it said.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing