According to CoinMeta, AirBaltic has filed for Chapter 11 bankruptcy protection in the United States due to soaring fuel costs, heavy debts, and the increased pressure on European airlines caused by the war in Iran. The airline has received a financing commitment of 350 million euros (about 405 million US dollars) at an interest rate of around 12%, although this still requires court approval. AirBaltic currently has debts of about 583 million US dollars and owes approximately 106 million euros in taxes. CEO Erno Hilden stated that the goal of the reorganization is to improve profits by about 44 million euros per year, and it is expected that the Chapter 11 process will be completed by June 2027. In 2025, the airline reported a net loss of 44.3 million euros, with revenue of 779.3 million euros, and is also facing engine shortages. AirBaltic plans to reduce its fleet from 54 aircraft to 36, and may use the bankruptcy process to cancel or defer commitments for aircraft and engines.