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Sunday 18.03.2018 | Name days: Ilona, Adelīna

Court ruling: ER not allowed to register changes in airBaltic capital

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RURiga District Court has ruled that the Enterprise Register (ER) will not be allowed to make any entries regarding AS Air Baltic Corporation (airBaltic) capital, according to the ER representative Baiba Vismane.

She points out that the court ruling came in force on September 28. The UR is not allowed to register any activities related to airBaltic capital increase.

According to Vismane, the UR has not received any documents from airBaltic, saying that the airline wants to introduce changes in connection with its capital increase.

On September 28, Riga District Court accepted Transport Ministry’s application against airBaltic and its President Bertolt Flick. The Ministry is asking to ban operations with 59 110 shares that are legally unclear, however, sold for ten million euro (LVL 7 million) by Flick.

As reported, airBaltic shareholder meeting is now scheduled to October 4. Talks will resume after airBaltic shareholders – the state and Baltic Aviation Systems (BAS) – sign an agreement on capital increase. This could take place in the coming days.

Janis Vanags, vice-president of airBaltic cooperative communications, told that the shareholders have agreed to sort out technical details by Sunday, so that they can invest 153 million euro (LVL 107.1 million).

Latvia will draw money from the State Treasury as a loan that can be further capitalized as an investment in the company. Also BAS will have to invest about 50 million lats.

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