5 DECEMBER 2011
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Latvia has taken complete ownership of formerly part state-owned airline airBaltic after the collapse of a local bank and is looking for a strategic investor, according to the former Soviet Republic's Transport Ministry.
This follows the collapse of a bank which held a minority stake in the airline after earlier financial difficulties. Back in September the State said that it would support what is effectively the national airline. The Transport Ministry said in a statement that it decided to take the airBaltic shares to protect the state's interests.
Established with the help of SAS in 1995 airBaltic, operating as a low-cost airline, has had a chequered history and now operates a fleet of 14 Boeing 737s, two Boeing 757s, eight Bombardier Q400s and nine Fokker 50s. It serves some 74 destinations. www.airbaltic.com
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