AirBaltic files for US Chapter 11 bankruptcy protection

Latvia's AirBaltic has filed for protection under Chapter 11 of the US Bankruptcy Code, as it tries to reduce its debt amid increased fuel prices brought on by the Iran war.

"For AirBaltic, whose primary financing arrangements, creditors, aircraft leases and other significant obligations are international in nature, Chapter 11 provides an established framework for addressing these matters in a single court-supervised process," the government-controlled airline said in a statement.