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US Bankruptcy Court approves start of 'airBaltic' financial obligations restructuring
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Infrastructure: Posts and News mentioning Apvienotais saraksts
Political posts and news in Infrastructure that mention Apvienotais saraksts, from monitored Latvian public sources.
234
LTV Ziņas (@ltvzinas)
Sabiedriskā medija ziņas
Tweet
🔹This morning, an interview with Prime Minister Andris Kulbergs (AS) about grain cargo transit, the further future of airBaltic, and politicians' responsibility for their actions. 🔹Musician Patriks Peterson has released a new single “Kādu dienu” and is preparing to release his debut album. 🔹And to celebrate film director Jānis Streičs' 90th birthday, a grand concert performance “Mans draugs Jānis Streičs” is planned. We'll hear about it at the end of the program.
Infrastructure
Andris Kulbergs (@AndrisKulbergs)
APVIENOTAIS SARAKSTS - Latvijas Zaļā partija, Latvijas Reģionu Apvienība, Liepājas partija · Ministru prezidents
Tweet
Day No. 80 in the prime minister's chair — 🇷🇺 grain transit and airBaltic Chapter 11 approval. Today two important things. 🌾 1. 🇷🇺 grain transit solution - The government - AS + NA + JV + ZZS - unanimously decided on a solution to restrict 🇷🇺 grain transit, providing for a +300% fee for the use of railway infrastructure. - This is also a response to 🇷🇺's unilateral doubling of the Russian railway tariff since June 1. - 🇱🇻 grain gets 100% priority for our farmers. - Latvian port capacity is freely available for 🇱🇻 grain, and it is already being actively exported through our ports. - The bill is being urgently submitted to the Saeima this Thursday. After its adoption and entry into force, LatRailNet, which sets railway infrastructure charges, will make the necessary changes to tariffs. That will take up to about 2 weeks. - The Ministry of Agriculture and @uldisaugulis have done the work, concluding a contract with 🇬🇧 DEFA for grain testing and laboratory use in cooperation with 🇺🇦. - The 🇺🇦 side has confirmed that Ukrainian specialists will arrive in Latvia as early as next week to help identify possibly stolen 🇺🇦 grain. - We have reached a common position with the 🇪🇪 and 🇱🇹 prime ministers on introducing uniform restrictions on 🇷🇺 grain. We are advancing the grain issue at the fastest possible pace. ✈️ 2. airBaltic Chapter 11 procedure - airBaltic's Chapter 11 procedure in a 🇺🇸 court has been accepted and has already received the judge's approval. This means airBaltic will be able to: 💶 access financing immediately; 🔧 start the restructuring process; 📑 review obligations to creditors. Work continues.
Agriculture / ForestsInfrastructure
Andris Kulbergs (@AndrisKulbergs)
APVIENOTAIS SARAKSTS - Latvijas Zaļā partija, Latvijas Reģionu Apvienība, Liepājas partija · Ministru prezidents
Retweet
From@ltvzinasThe US Bankruptcy Court for the Southern District of New York has approved the start of financial restructuring of Latvia's national airline airBaltic under the Chapter 11 procedure stipulated in US law, as confirmed by Prime Minister Andris Kulbergs (AS) after the government's approval. "The next step is to immediately obtain funding to ensure the airline's operations, including employee salaries and fuel," the Prime Minister said.
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BudgetInfrastructure
LTV Ziņas (@ltvzinas)
Sabiedriskā medija ziņas
Tweet
The US Bankruptcy Court for the Southern District of New York has approved the start of financial restructuring of Latvia's national airline airBaltic under the Chapter 11 procedure stipulated in US law, as confirmed by Prime Minister Andris Kulbergs (AS) after the government's approval. "The next step is to immediately obtain funding to ensure the airline's operations, including employee salaries and fuel," the Prime Minister said.
BudgetInfrastructure
TVNET
Article
Latvia calls on the European Union to strengthen its strategic and proactive engagement in the Arctic
InvestmentsDefenseInfrastructure
Neatkarīgā Rīta Avīze
Article
"airBaltic" has found new creditors in America.
BudgetInfrastructure
Ainārs Šlesers (@SlesersAinars)
LATVIJA PIRMAJĀ VIETĀ · LPV priekšsēdētājs
Reply
@AndrisKulbergs https://t.co/dn3s3OMLLH
From@AndrisKulbergsMy statement on airBaltic Today, airBaltic is initiating financial restructuring in a US court under Chapter 11. This time we are not buying a few more months of life support for the airline. We are beginning to solve problems at their core. It must be admitted that negotiations with bondholders were not progressing. Several investors, who had bought the bonds on the exchange at about 70 percent of their nominal value, were more reliant on airBaltic's liquidation and recovery of pledged assets rather than on restructuring the company. Another loan of up to 257 million euros at an annual rate of 25% was offered. That could provide the company with money for the near term, but would not solve either the previously accumulated debt or the problem of aircraft lease obligations. Therefore, I did not accept this offer as a long-term solution. Chapter 11 is a US court-supervised financial restructuring that allows airBaltic to continue flying while restructuring debts and lease agreements and attracting the financing needed for operations. Simply put, it is a protective shield that gives the company time and legal protection against creditor claims, allowing management to implement a full restructuring plan. This does not yet mean that all of airBaltic's problems are solved. But this is one of the best currently possible solutions to ensure the company's viability and give it the chance to stand on its own feet. For the process, airBaltic has received commitments from financiers to provide 350 million euros in new financing at a 12% rate. International financial market participants such as banks Morgan Stanley, Barclays, and private financiers Hayfin Capital Management, Oaktree Capital, and Strategic Value Partners have expressed readiness to finance. This is a significant and positive signal of trust. At the same time, I have instructed the Ministry of Transport to declassify restricted government documents related to airBaltic, so that the public finally has full information about the decisions made within the company, the use of state money, and the consequences of those decisions. The most important news for passengers is that airBaltic continues operations, the planes continue flying, and purchased tickets remain valid. This is not yet the finish and not a victory statement. But a process that addresses airBaltic's problems at their core has finally begun.
Open referenced post
BudgetInfrastructure
Ainārs Šlesers (@SlesersAinars)
LATVIJA PIRMAJĀ VIETĀ · LPV priekšsēdētājs
Quote
https://t.co/dfaMx2Gr54 https://t.co/snYQAYzBhc
From@AndrisKulbergsMy statement on airBaltic Today, airBaltic is initiating financial restructuring in a US court under Chapter 11. This time we are not buying a few more months of life support for the airline. We are beginning to solve problems at their core. It must be admitted that negotiations with bondholders were not progressing. Several investors, who had bought the bonds on the exchange at about 70 percent of their nominal value, were more reliant on airBaltic's liquidation and recovery of pledged assets rather than on restructuring the company. Another loan of up to 257 million euros at an annual rate of 25% was offered. That could provide the company with money for the near term, but would not solve either the previously accumulated debt or the problem of aircraft lease obligations. Therefore, I did not accept this offer as a long-term solution. Chapter 11 is a US court-supervised financial restructuring that allows airBaltic to continue flying while restructuring debts and lease agreements and attracting the financing needed for operations. Simply put, it is a protective shield that gives the company time and legal protection against creditor claims, allowing management to implement a full restructuring plan. This does not yet mean that all of airBaltic's problems are solved. But this is one of the best currently possible solutions to ensure the company's viability and give it the chance to stand on its own feet. For the process, airBaltic has received commitments from financiers to provide 350 million euros in new financing at a 12% rate. International financial market participants such as banks Morgan Stanley, Barclays, and private financiers Hayfin Capital Management, Oaktree Capital, and Strategic Value Partners have expressed readiness to finance. This is a significant and positive signal of trust. At the same time, I have instructed the Ministry of Transport to declassify restricted government documents related to airBaltic, so that the public finally has full information about the decisions made within the company, the use of state money, and the consequences of those decisions. The most important news for passengers is that airBaltic continues operations, the planes continue flying, and purchased tickets remain valid. This is not yet the finish and not a victory statement. But a process that addresses airBaltic's problems at their core has finally begun.
Open referenced post
BudgetInvestmentsInfrastructure
Lato Lapsa (@Lato_Lapsa)
Žurnālists
Quote
I feel sorry for all the guntarvītols and other corrupt yappers who until now were breathlessly saying that 257 million at a 25% rate was all fine — now the poor things have to strain again and turn their coats inside out once more. https://t.co/7kBi1EKSVv
From@AndrisKulbergsMy statement on airBaltic Today, airBaltic is initiating financial restructuring in a US court under Chapter 11. This time we are not buying a few more months of life support for the airline. We are beginning to solve problems at their core. It must be admitted that negotiations with bondholders were not progressing. Several investors, who had bought the bonds on the exchange at about 70 percent of their nominal value, were more reliant on airBaltic's liquidation and recovery of pledged assets rather than on restructuring the company. Another loan of up to 257 million euros at an annual rate of 25% was offered. That could provide the company with money for the near term, but would not solve either the previously accumulated debt or the problem of aircraft lease obligations. Therefore, I did not accept this offer as a long-term solution. Chapter 11 is a US court-supervised financial restructuring that allows airBaltic to continue flying while restructuring debts and lease agreements and attracting the financing needed for operations. Simply put, it is a protective shield that gives the company time and legal protection against creditor claims, allowing management to implement a full restructuring plan. This does not yet mean that all of airBaltic's problems are solved. But this is one of the best currently possible solutions to ensure the company's viability and give it the chance to stand on its own feet. For the process, airBaltic has received commitments from financiers to provide 350 million euros in new financing at a 12% rate. International financial market participants such as banks Morgan Stanley, Barclays, and private financiers Hayfin Capital Management, Oaktree Capital, and Strategic Value Partners have expressed readiness to finance. This is a significant and positive signal of trust. At the same time, I have instructed the Ministry of Transport to declassify restricted government documents related to airBaltic, so that the public finally has full information about the decisions made within the company, the use of state money, and the consequences of those decisions. The most important news for passengers is that airBaltic continues operations, the planes continue flying, and purchased tickets remain valid. This is not yet the finish and not a victory statement. But a process that addresses airBaltic's problems at their core has finally begun.
Open referenced post
BudgetInfrastructure
Neatkarīgā Rīta Avīze
Article
A review of airBaltic's debt burden is initiated in a US court.
BudgetInvestmentsInfrastructure
Diena
Article
airBaltic begins restructuring of financial obligations under Chapter 11 process
BudgetInfrastructure
Guntars Vītols (@guntarsv)
APVIENOTAIS SARAKSTS - Latvijas Zaļā partija, Latvijas Reģionu Apvienība, Liepājas partija · Ekonomists (FM ministra birojs)
Retweet
From@AndrisKulbergsMy statement on airBaltic Today, airBaltic is initiating financial restructuring in a US court under Chapter 11. This time we are not buying a few more months of life support for the airline. We are beginning to solve problems at their core. It must be admitted that negotiations with bondholders were not progressing. Several investors, who had bought the bonds on the exchange at about 70 percent of their nominal value, were more reliant on airBaltic's liquidation and recovery of pledged assets rather than on restructuring the company. Another loan of up to 257 million euros at an annual rate of 25% was offered. That could provide the company with money for the near term, but would not solve either the previously accumulated debt or the problem of aircraft lease obligations. Therefore, I did not accept this offer as a long-term solution. Chapter 11 is a US court-supervised financial restructuring that allows airBaltic to continue flying while restructuring debts and lease agreements and attracting the financing needed for operations. Simply put, it is a protective shield that gives the company time and legal protection against creditor claims, allowing management to implement a full restructuring plan. This does not yet mean that all of airBaltic's problems are solved. But this is one of the best currently possible solutions to ensure the company's viability and give it the chance to stand on its own feet. For the process, airBaltic has received commitments from financiers to provide 350 million euros in new financing at a 12% rate. International financial market participants such as banks Morgan Stanley, Barclays, and private financiers Hayfin Capital Management, Oaktree Capital, and Strategic Value Partners have expressed readiness to finance. This is a significant and positive signal of trust. At the same time, I have instructed the Ministry of Transport to declassify restricted government documents related to airBaltic, so that the public finally has full information about the decisions made within the company, the use of state money, and the consequences of those decisions. The most important news for passengers is that airBaltic continues operations, the planes continue flying, and purchased tickets remain valid. This is not yet the finish and not a victory statement. But a process that addresses airBaltic's problems at their core has finally begun.
Open referenced post
BudgetInfrastructure
Neatkarīgā Rīta Avīze
Article
Of the 61 government priorities, 16 have been fully implemented
BudgetHealthDefenseBureaucracyInfrastructureDigitalizationSecurity
Jauns.lv
Article
Only 16 of the 61 Kulberg government priorities have been fully implemented.
BudgetHealthDefenseInfrastructureDigitalizationSecurity
Latvijas Ziņas
Article
Of the 61 government priorities, 16 have been fully implemented, but Kulbergs is optimistic
BudgetHealthDefenseInfrastructureDigitalizationSecurity
Diena
Article
Of the 61 government priorities, 16 have been fully implemented, but Kulbergs is optimistic
BudgetHealthBureaucracyInfrastructureDigitalizationSecurity
BB.lv
Article
In the Rail Baltica project, the government has demanded to reduce the scope and costs of the Latvian section...» 0 91
BudgetInfrastructure
Lato Lapsa (@Lato_Lapsa)
Žurnālists
Retweet
From@Krisjanis_KAs @MGruskevics would say - we do not cultivate the cliché that AS are the same empty ones as their other government colleagues!! The Prime Minister this morning clearly stated that it concerns all grains of Russian and Belarusian origin and that a "300% fee increase for the use of LV railway infrastructure for transit of these grains" will be introduced and "he will do everything necessary so that there is no interest to bring grains through the territory of Latvia"!!
Open referenced post
Infrastructure
Lato Lapsa (@Lato_Lapsa)
Žurnālists
Retweet
From@Mikipele6From the Twitter exchange with @AndrisKulbergs and @MGruskevics one can deduce that the Cabinet of Ministers is about to impose a 300% markup not on railway infrastructure, but on the transport tariff. However, it can only be applied to the state-owned LDz Cargo, not to the private carriers controlled by both AŠ and Meroni.
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Infrastructure