AirBaltic files for Chapter 11 bankruptcy in New York

AirBaltic has officially filed for Chapter 11 bankruptcy in New York. The airline's decision to seek legal protection comes as the company faces significant financial pressure. According to reports, the filing is a direct result of rising costs associated with the Iran war, which have severely impacted the carrier's operational budget. The company now enters the restructuring process under the US legal framework to manage its debts and address the economic fallout from the conflict.