The Latvian airline, airBaltic, has declared a need for between 100 to 150 million euros in funding after announcing losses exceeding 44 million euros in the previous year. This financial distress has compelled the airline to delay its plans for an initial public offering (IPO), a move that was anticipated to shore up its capital. The Minister emphasized that the airline must first demonstrate clarity and financial health before attracting investors. Therefore, a strategic restructuring is essential for airBaltic to regain investor confidence and secure necessary capital moving forward.

Minister Švinka outlined a threefold strategy to address airBaltic’s financial challenges, which includes continuing cost-cutting measures, seeking new capital, and making rapid decisions concerning external factors such as the ongoing conflict in the Middle East. He pointed out that short-term efforts have focused on stabilizing fuel procurement, which is crucial for operations. However, if the geopolitical situation continues to affect fuel supplies or other operational aspects, it could have considerable implications for the airline's recovery and investment prospects.

Regarding possible state funding for airBaltic, Minister Švinka was clear that investments should not occur without a defined goal. As a state shareholder, the government plays a role in the airline's operations, which adds to the complexity of any financial support provided. Therefore, the Minister underscored the principle that any investment must come with a clear strategy aimed at ensuring the airline's sustainability and long-term profitability in a challenging aviation market.