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Sunday 25.03.2018 | Name days: Māra, Marita, Mārīte

Flick to leave airBaltic board; shareholders agreement terminated

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUairBaltic shareholders’ meeting has announced a break after agreeing that the airline’s president Bertolt Flick will step down and the shareholders’ agreement, which was widely regarded as unbeneficial for Latvia, will be terminated.

The airline’s shareholders will continue the meeting after an agreement on share capital increase conditions is signed by the shareholders – the state of Latvia and Baltic Aviation Systems (BAS). This might be done in the next few days, Anrijs Matiss, state representative and the Transport Ministry’s State Secretary, and Inga Piterniece, BAS represenatative, announced after the meeting.

Commenting on airBaltic‘s board members selection process, Matiss said no candidates were nominated yet. Several potential candidates have been addressed, however, their consent has not been received.

It should be noted that there are still unsolved technical problems with fund attaction for boosting airBaltic‘s share capital.

Earlier today, September 29, the national airline airBaltic shareholders failed to start the meeting at the first attempt.

Matiss told that currently an agreement has been attained through negotiations that Flick will leave airBaltic’s board. It was also decided to terminate the shareholders’ agreement.

As reported, airBaltic shareholders’ meeting is likely to adopt decisions on share capital increase, new board and council election, as well as changes in the shareholders’ agreement, the government representatives inform.

The Transport Minister Uldis Augulis explained that the Ministry has already prepared documents so that a new board and council can be appointed.

«I believe that with reasonable cooperation between shareholders there will be no obstacles in solving the issue,» the Minister said.

It was previously reported that the government reached a decision on airBaltic future management at a close meeting. It stipulates investments of 57.6 million lats in the national airline, if its minority shareholder (SIA Baltic Aviation Systems) fulfills the set conditions.

The state funding will be provided as the State Treasury’s loan with the possibility of at least partial capitalization. BAS investment will be proportional to its owned shares in airBaltic – around 50 million lats. The money is intended for covering operating losses this year and partly in 2012. There are also plans to invest in the airline’s fleet modernization.

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  1. Kim says:

    Finally things are moving on. As long as they don’t return back to a stalemate some constructive outcome can be expected.

    Thumb up 0 Thumb down 0

  2. Randhil says:

    Fell out of bed felenig down. This has brightened my day!

    Thumb up 0 Thumb down 0

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