{"id":9907,"date":"2026-09-14T08:05:57","date_gmt":"2026-09-14T05:05:57","guid":{"rendered":"https:\/\/yablokodaily.com\/?p=9907"},"modified":"2026-09-14T08:06:00","modified_gmt":"2026-09-14T05:06:00","slug":"15-septembris-diena-kas-noteiks-airbaltic-nakotni-kurs-gus-pelnu-kurs-zaudes-visu","status":"publish","type":"post","link":"https:\/\/yablokodaily.com\/2026\/09\/14\/15-septembris-diena-kas-noteiks-airbaltic-nakotni-kurs-gus-pelnu-kurs-zaudes-visu\/","title":{"rendered":"15. septembris \u2014 diena, kas noteiks airBaltic n\u0101kotni: kur\u0161 g\u016bs pe\u013c\u0146u, kur\u0161 zaud\u0113s visu"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\">15. septembr\u012b airBaltic oblig\u0101ciju tur\u0113t\u0101jiem j\u0101pie\u0146em l\u0113mums, kas var iz\u0161\u0137irt ne tikai aviokomp\u0101nijas pa\u0161reiz\u0113j\u0101 par\u0101da likteni, bet ar\u012b to, kur\u0161 kontrol\u0113s airBaltic p\u0113c p\u0101rstruktur\u0113\u0161anas. Uz sp\u0113les ir piekri\u0161ana piesaist\u012bt l\u012bdz \u20ac257 miljoniem jauna finans\u0113juma ar uz\u0146\u0113mumam l\u012bdz \u0161im nebiju\u0161u likmi \u2014 25% gad\u0101.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Aiz vienk\u0101r\u0161\u0101s fr\u0101zes \u00abkred\u012bts airBaltic gl\u0101b\u0161anai\u00bb sl\u0113pjas daudz sare\u017e\u0123\u012bt\u0101ka konstrukcija. Jaunie kreditori \u2014 ja dar\u012bjums tiks apstiprin\u0101ts \u2014 ieg\u016bst pirmo vietu rind\u0101 uz \u0137\u012blu, savuk\u0101rt eso\u0161o oblig\u0101ciju, kopum\u0101 \u20ac380 miljonu apm\u0113r\u0101, tur\u0113t\u0101ji tiek nob\u012bd\u012bti uz tre\u0161o vietu. Polus Capital Management un Izra\u0113las Klirmark Capital 4 sa\u0146em ne tikai \u0101rk\u0101rt\u012bgi augstu procentu likmi, bet ar\u012b papildu komisijas maksas, kas tiek segtas ar jaunaj\u0101m oblig\u0101cij\u0101m.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vienlaikus Latvija, kurai pieder 88,37% airBaltic akciju, pagaid\u0101m nav izl\u0113musi, vai ieguld\u012bs jaunu valsts naudu. Tom\u0113r pat bez jauna ieguld\u012bjuma valsts risk\u0113 zaud\u0113t da\u013cu no v\u0113rt\u012bbas, kas jau ieguld\u012bta aviokomp\u0101nij\u0101. Piekr\u012btot \u20ac257 miljonu kred\u012btam, \u0161is risks pieaug. Atsakoties no aizdevuma ar pl\u0113son\u012bgiem procentiem, process b\u016bs daudz sare\u017e\u0123\u012bt\u0101ks, ta\u010du uz\u0146\u0113muma izdz\u012bvo\u0161anas iesp\u0113jas b\u016bs nep\u0101rprotami liel\u0101kas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Balsojums, no kura atkar\u012bgs daudz<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Oblig\u0101ciju tur\u0113t\u0101ju sapulcei s\u0101kotn\u0113ji bija j\u0101notiek 11. septembr\u012b, ta\u010du airBaltic to p\u0101rc\u0113la uz 15. septembri, dodot investoriem vair\u0101k laika dar\u012bjuma nosac\u012bjumu izp\u0113tei. P\u0101rcelt\u0101 sapulce paredz\u0113ta plkst. 15:00 p\u0113c R\u012bgas laika. Steigas iemesls ir vienk\u0101r\u0161s: Fitch airBaltic \u012bstermi\u0146a nepiecie\u0161am\u012bbu v\u0113rt\u0113 aptuveni \u20ac156 miljonu apm\u0113r\u0101. Bez jauna finans\u0113juma a\u0123ent\u016bra uz\u0146\u0113muma iesp\u0113jas uzskata par \u013coti ierobe\u017eot\u0101m.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tiek pied\u0101v\u0101ts emit\u0113t jaunas <em>super senior<\/em> oblig\u0101cijas \u2014 oblig\u0101cijas, kur\u0101m b\u016bs augst\u0101ka priorit\u0101te nek\u0101 airBaltic eso\u0161ajam par\u0101dam. S\u0101kotn\u0113ji uz\u0146\u0113mumam j\u0101sa\u0146em \u20ac180 miljoni, p\u0113c tam, izpildot papildu nosac\u012bjumus, \u2014 v\u0113l \u20ac77 miljoni. Dz\u0113\u0161anas termi\u0146\u0161 \u2014 2027. gada 26. febru\u0101ris, likme \u2014 25% gad\u0101. Tas ir principi\u0101li svar\u012bgi: runa nav par ilgtermi\u0146a airBaltic gl\u0101b\u0161anu. Tas ir <em>bridge financing<\/em> \u2014 nauda, kas uz\u0146\u0113mumam p\u0113rk da\u017eus m\u0113ne\u0161us pilnv\u0113rt\u012bgai p\u0101rstruktur\u0113\u0161anai. \u0160aj\u0101 gad\u012bjum\u0101, iesp\u0113jams, \u00abno slikta uz slikt\u0101ku\u00bb.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kas dod naudu<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Finans\u0113jumu nodro\u0161ina divas strukt\u016bras:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lielbrit\u0101nijas <strong>Polus Capital Management<\/strong>;<\/li>\n\n\n\n<li>Izra\u0113las <strong>Klirmark Capital 4<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ta\u010du tos vienk\u0101r\u0161i saukt par \u00abinvestoriem, kas nol\u0113mu\u0161i pal\u012bdz\u0113t airBaltic\u00bb, b\u016btu nepareizi. Abas strukt\u016bras specializ\u0113jas <em>distressed debt<\/em> un <em>special situations<\/em> jom\u0101 \u2014 ieguld\u012bjumos uz\u0146\u0113mumos, kas non\u0101ku\u0161i smag\u0101 finan\u0161u st\u0101vokl\u012b. Tie\u0161i \u0161\u0101di dar\u012bjumi \u013cauj g\u016bt \u013coti augstu ienes\u012bgumu un vienlaikus nodro\u0161ina sp\u0113c\u012bgu kreditora aizsardz\u012bbu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Polus: investors no It\u0101lijas<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Polus ir Londonas akt\u012bvu p\u0101rvaldnieks. Saska\u0146\u0101 ar jaun\u0101ko Mediobanca p\u0101rskatu, It\u0101lijas grupai pieder 89,07% Polus Capital Management Group. Mediobanca savuk\u0101rt v\u0113sturiski ir viena no ietekm\u012bg\u0101kaj\u0101m It\u0101lijas invest\u012bciju bank\u0101m. \u0160odien to kontrol\u0113 Monte dei Paschi di Siena.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tom\u0113r nevar apgalvot, ka \u20ac257 miljoni ir tie\u0161i Mediobanca vai MPS nauda. Polus p\u0101rvalda klientu kapit\u0101lu, un uz\u0146\u0113mums pats min, ka starp klientiem ir pensiju fondi, apdro\u0161in\u0101\u0161anas sabiedr\u012bbas, <em>sovereign funds<\/em>, <em>endowments<\/em> un <em>family offices<\/em>. To konkr\u0113tie nosaukumi parasti netiek atkl\u0101ti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bankai v\u0113sturiski ir \u013coti interesants krustpunkts ar vienu no It\u0101lijas paz\u012bstam\u0101kaj\u0101m finan\u0161u v\u0113stur\u0113m. 1970. gados Mediobanca Enriko Ku\u010das (Enrico Cuccia) vad\u012bb\u0101 pretoj\u0101s ba\u0146\u0137iera Mikeles Sindonas (Michele Sindona) m\u0113\u0123in\u0101jumam ieg\u016bt kontroli p\u0101r Bastogi. It\u0101lijas enciklop\u0113dija Treccani raksturo Sindonu k\u0101 personu, kas v\u0113l\u0101k izr\u0101d\u012bj\u0101s saist\u012bta ar politisku, krimin\u0101lu un mafijas ietekmju t\u012bklu, tostarp Cosa Nostra. Savuk\u0101rt Mediobanca, glu\u017ei pret\u0113ji, sp\u0113l\u0113ja lomu vi\u0146a finan\u0161u ekspansijas aptur\u0113\u0161an\u0101.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Klirmark: \u012bpa\u0161nieki sl\u0113pti<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Klirmark Capital Group ir Izra\u0113las p\u0101rvaldnieks, kas specializ\u0113jas <em>distressed debt<\/em>, <em>special lending<\/em>, <em>mezzanine<\/em> un kapit\u0101la p\u0101rstruktur\u0113\u0161anas jom\u0101. Uz\u0146\u0113mums apgalvo, ka kop\u0161 dibin\u0101\u0161anas \u010detros fondos piesaist\u012bjis aptuveni 1,8 miljardus ASV dol\u0101ru no lieliem institucion\u0101liem investoriem. Tom\u0113r to konkr\u0113tie nosaukumi publiski netiek atkl\u0101ti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">V\u0113l interesant\u0101ka situ\u0101cija ir ar tie\u0161o dar\u012bjuma dal\u012bbnieku \u2014 Klirmark Capital 4 Ltd. Uz\u0146\u0113mums Izra\u0113l\u0101 re\u0123istr\u0113ts 2023. gada 22. febru\u0101r\u012b. Atkl\u0101taj\u0101 komercre\u0123istr\u0101 starp direktoriem un da\u013cu tur\u0113t\u0101jiem min\u0113ti Janovs Zalels, Ilans Levanons, Razs Kafri, Ichaks Ohajons un citas personas, k\u0101 ar\u012b strukt\u016bra OGIAK 2019 Limited Partnership. Ta\u010du starptautiskais LEI re\u0123istrs skaidri nor\u0101da: gal\u012bg\u0101 m\u0101tesstrukt\u016bra nav atkl\u0101ta; par iemeslu nor\u0101d\u012btas <em>natural persons<\/em> \u2014 fiziskas personas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Vienk\u0101r\u0161i piez\u012bmei: uz\u0146\u0113mums re\u0123istr\u0113ts gadu p\u0113c pla\u0161a m\u0113roga milit\u0101r\u0101 konflikta s\u0101kuma Ukrain\u0101 un tam sekoju\u0161aj\u0101m sankcij\u0101m pret Krievijas biznesu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ko jaunie kreditori sa\u0146ems par saviem \u20ac257 miljoniem?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Visiem pat\u012bk skait\u012bt sve\u0161u naudu. Paskait\u012bsim. \u0160\u0137iet \u2014 saska\u0146\u0101 ar ofici\u0101lajiem dokumentiem \u2014 \u20ac257 miljoni \u2192 25% gad\u0101 \u2192 dz\u0113\u0161ana p\u0113c da\u017eiem m\u0113ne\u0161iem. Ta\u010du dar\u012bjuma re\u0101l\u0101 cena ir iev\u0113rojami augst\u0101ka. Jaun\u0101s oblig\u0101cijas tiek emit\u0113tas nevis par nomin\u0101lv\u0113rt\u012bbu, bet par 95% no t\u0101s. Proti, lai sa\u0146emtu \u20ac180 miljonus skaidr\u0101 naud\u0101, airBaltic emit\u0113 oblig\u0101cijas ar nomin\u0101lv\u0113rt\u012bbu \u20ac189,47 miljoni. Bet, lai sa\u0146emtu v\u0113l \u20ac77 miljonus, tiek emit\u0113tas oblig\u0101cijas ar nomin\u0101lv\u0113rt\u012bbu \u20ac81,05 miljoni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kop\u0101:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><\/th><th>Skaidra nauda<\/th><th>Oblig\u0101ciju nomin\u0101lv\u0113rt\u012bba<\/th><\/tr><\/thead><tbody><tr><td>Pirmais transis<\/td><td>\u20ac180 milj.<\/td><td>\u20ac189,47 milj.<\/td><\/tr><tr><td>Otrais transis<\/td><td>\u20ac77 milj.<\/td><td>\u20ac81,05 milj.<\/td><\/tr><tr><td><strong>Kop\u0101<\/strong><\/td><td><strong>\u20ac257 milj.<\/strong><\/td><td><strong>\u20ac270,53 milj.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Tas tie\u0161i izriet no airBaltic <em>term sheet<\/em>. Ta\u010du ar to kreditoru atalgojums nebeidzas.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Papildu komisijas maksas<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Polus sa\u0146em <em>commitment fee<\/em> \u2014 10% no savas minim\u0101l\u0101s garant\u0113t\u0101s parakst\u012b\u0161an\u0101s. Polus ap\u0146emas parakst\u012bties vismaz uz pusi no katra trans\u012b\u0161a. Piln\u012bb\u0101 izmantojot \u20ac257 miljonus, tas noz\u012bm\u0113, ka Polus minim\u0101l\u0101 parakst\u012b\u0161an\u0101s ir aptuveni \u20ac135,26 miljoni nomin\u0101lv\u0113rt\u012bbas. Par \u0161o garantiju Polus sa\u0146em aptuveni \u20ac13,53 miljonus papildu oblig\u0101ciju.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Turkl\u0101t Polus un Klirmark sa\u0146em 10% <em>backstop fee<\/em> par visas atliku\u0161\u0101s emisijas da\u013cas rezerv\u0113\u0161anu pa\u0161reiz\u0113jiem oblig\u0101ciju tur\u0113t\u0101jiem. \u0160\u012b komisija pie maksim\u0101l\u0101s emisijas ir aptuveni \u20ac13,53 miljoni un tiek sadal\u012bta \u0161\u0101di:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>60% Polus \u2014 aptuveni \u20ac8,11 miljoni;<\/li>\n\n\n\n<li>40% Klirmark \u2014 aptuveni \u20ac5,41 miljoni.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Turkl\u0101t \u0161\u012b komisija tiek izmaks\u0101ta neatkar\u012bgi no t\u0101, cik daudz eso\u0161ie oblig\u0101ciju tur\u0113t\u0101ji faktiski izlems ieg\u0101d\u0101ties no jaun\u0101s emisijas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Visbeidzot, v\u0113l \u20ac3 miljonus Polus un Klirmark sa\u0146em par dar\u012bjuma struktur\u0113\u0161anu:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u20ac1,5 miljoni Polus;<\/li>\n\n\n\n<li>\u20ac1,5 miljoni Klirmark.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Ar\u012b \u0161\u012b summa tiek segta ar jaunaj\u0101m oblig\u0101cij\u0101m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cik sa\u0146ems jaunie kreditori?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ja pie\u0146em, ka airBaltic piln\u012bb\u0101 izmanto visus \u20ac257 miljonus, dar\u012bjums tiek nosl\u0113gts un par\u0101ds paliek sp\u0113k\u0101 l\u012bdz 2027. gada 26. febru\u0101rim, ieg\u016bstam \u0161\u0101du ainu. Uzreiz p\u0113c emisijas \u20ac257 miljoni re\u0101las naudas p\u0101rtop aptuveni \u20ac270,53 miljonos jauno pamatoblig\u0101ciju nomin\u0101lv\u0113rt\u012bbas, plus aptuveni \u20ac30,05 miljonos oblig\u0101ciju k\u0101 komisijas maksas. Proti, v\u0113l pirms procentu uzkr\u0101\u0161anas jaun\u0101s kreditoru klases potenci\u0101l\u0101 pras\u012bba ir aptuveni \u20ac300,6 miljoni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P\u0113c tam ik m\u0113nesi tiek kapitaliz\u0113ti 25% gad\u0101. Procenti netiek maks\u0101ti skaidr\u0101 naud\u0101, bet tiek pieskait\u012bti par\u0101dam. Ja r\u0113\u0137ina aptuveni 5,4 m\u0113ne\u0161us no septembra vidus l\u012bdz 26. febru\u0101rim, tad ar \u0161\u0101du strukt\u016bru \u20ac300,6 miljoni izaugtu l\u012bdz aptuveni \u20ac336 miljoniem dz\u0113\u0161anas br\u012bd\u012b.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Proti, ieguldot uz\u0146\u0113mum\u0101 \u20ac257 miljonus skaidr\u0101 naud\u0101, jaun\u0101s kreditoru klases potenci\u0101l\u0101 pras\u012bba pret airBaltic var sasniegt aptuveni \u20ac336 miljonus. Starp\u012bba \u2014 aptuveni \u20ac79 miljoni.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nauda un komisijas tiek sadal\u012btas starp Polus, Klirmark un, iesp\u0113jams, eso\u0161ajiem oblig\u0101ciju tur\u0113t\u0101jiem, kuri ar\u012b var\u0113s piedal\u012bties jaunaj\u0101 emisij\u0101 \u2014 lai gan maz ticams, ka k\u0101dam rad\u012bsies t\u0101da v\u0113lme. Turkl\u0101t faktiskie otr\u0101 trans\u012b\u0161a termi\u0146i un apjoms var at\u0161\u0137irties. Ta\u010du tas par\u0101da dar\u012bjuma re\u0101lo ekonomiku daudz lab\u0101k nek\u0101 vienk\u0101r\u0161\u0101 fr\u0101ze \u00ab25% gad\u0101\u00bb.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Un, ja airBaltic nepild\u012bs saist\u012bbas?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160eit jauno kreditoru poz\u012bcija k\u013c\u016bst v\u0113l sp\u0113c\u012bg\u0101ka. Iest\u0101joties saist\u012bbu neizpildes (<em>default<\/em>) gad\u012bjumam, likme paaugstin\u0101s v\u0113l par 10 procentpunktiem \u2014 l\u012bdz 35% gad\u0101.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ja t\u012bri matem\u0101tiski pie\u0146em, ka viss par\u0101ds paliek sp\u0113k\u0101 l\u012bdz s\u0101kotn\u0113jam dz\u0113\u0161anas termi\u0146am un turpina kapitaliz\u0113ties ar paaugstin\u0101tu likmi, pras\u012bba var\u0113tu pieaugt l\u012bdz aptuveni \u20ac351 miljonam. Ta\u010du t\u0101 nav garant\u0113ta izmaksa.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Re\u0101la saist\u012bbu neizpildes gad\u012bjum\u0101 viss ir atkar\u012bgs no \u0137\u012blas v\u0113rt\u012bbas un no t\u0101, cik daudz naudas izdosies ieg\u016bt, to realiz\u0113jot. Un tie\u0161i \u0161eit sl\u0113pjas dar\u012bjuma galven\u0101 interese.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kur\u0161 pirmais sa\u0146ems akt\u012bvus?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Jaun\u0101s oblig\u0101cijas k\u013c\u016bst par pirmo l\u012bmeni. Otrais l\u012bmenis \u2014 \u012bpa\u0161\u0101s <em>uptiered<\/em> oblig\u0101cijas, kuras sa\u0146em da\u017ei pa\u0161reiz\u0113jie oblig\u0101ciju tur\u0113t\u0101ji, tostarp Klirmark. Un tikai p\u0113c tam seko parast\u0101s eso\u0161\u0101s 2029. gada oblig\u0101cijas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ieg\u016bstam \u0161\u0101du sec\u012bbu:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Jaun\u0101s <em>super senior<\/em> oblig\u0101cijas<\/li>\n\n\n\n<li><em>Uptiered<\/em> oblig\u0101cijas<\/li>\n\n\n\n<li>Atliku\u0161\u0101s vec\u0101s 2029. gada oblig\u0101cijas<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Turkl\u0101t jauno oblig\u0101ciju tur\u0113t\u0101ji ieg\u016bst kontroli p\u0101r kop\u0113j\u0101s \u0137\u012blas realiz\u0101ciju. \u0136\u012bla ietver ne tikai asto\u0146as Airbus A220-300 lidma\u0161\u012bnas un septi\u0146us Pratt &amp; Whitney dzin\u0113jus. Taj\u0101 ietilpst ar\u012b:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>eso\u0161\u0101 nodro\u0161in\u0101juma pakete;<\/li>\n\n\n\n<li>da\u013cas l\u012bzinga sabiedr\u012bb\u0101s;<\/li>\n\n\n\n<li>ties\u012bbas saska\u0146\u0101 ar l\u012bzinga l\u012bgumiem;<\/li>\n\n\n\n<li>ties\u012bbas uz apdro\u0161in\u0101\u0161anas izmaks\u0101m;<\/li>\n\n\n\n<li>airBaltic bankas kontus \u0101rpus Latvijas;<\/li>\n\n\n\n<li>rezerves kontus;<\/li>\n\n\n\n<li><em>maintenance reserves<\/em> (uztur\u0113\u0161anas rezerves);<\/li>\n\n\n\n<li>ties\u012bbas uz lidma\u0161\u012bnu un dzin\u0113ju garantij\u0101m.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Citiem v\u0101rdiem sakot, tas nav vienk\u0101r\u0161i kred\u012bts ar 25% likmi. Tas ir kred\u012bts ar 25% likmi, kas vienlaikus ieg\u016bst pirmo vietu rind\u0101 uz noz\u012bm\u012bgu da\u013cu uz\u0146\u0113muma akt\u012bvu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kas notiek ar pa\u0161reiz\u0113jiem oblig\u0101ciju tur\u0113t\u0101jiem<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u0160eit rodas galvenais konflikts. Pa\u0161laik past\u0101v aptuveni \u20ac380 miljoni vec\u0101ko nodro\u0161in\u0101to oblig\u0101ciju, kuru dz\u0113\u0161ana paredz\u0113ta 2029. gad\u0101, ar 14,5% kuponu. P\u0113c jaun\u0101 finans\u0113juma apstiprin\u0101\u0161anas \u0161o oblig\u0101ciju tur\u0113t\u0101ji non\u0101k aiz jaunajiem kreditoriem. Vi\u0146iem ir iesp\u0113ja proporcion\u0101li savai da\u013cai piedal\u012bties jaunaj\u0101 emisij\u0101.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Turkl\u0101t da\u013ca eso\u0161o oblig\u0101ciju tur\u0113t\u0101ju var\u0113s apmain\u012bt da\u013cu vec\u0101 par\u0101da pret <em>uptiered<\/em> oblig\u0101cij\u0101m, kur\u0101m b\u016bs augst\u0101ka priorit\u0101te. Ta\u010du, ja vec\u0101s oblig\u0101cijas tur\u0113t\u0101js neko nedara, vi\u0146a poz\u012bcija pasliktin\u0101s, jo jaunie kreditori atrodas augst\u0101k par vi\u0146u. Tie\u0161i t\u0101p\u0113c airBaltic eso\u0161o oblig\u0101ciju tirgus cena tik strauji kritusies, bet to ienes\u012bgums pieaudzis l\u012bdz \u0101rk\u0101rt\u0113j\u0101m v\u0113rt\u012bb\u0101m.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Klirmark \u012bpa\u0161ais st\u0101voklis<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Klirmark atrodas v\u0113l interesant\u0101k\u0101 poz\u012bcij\u0101. T\u0101 jau ir da\u013cas eso\u0161o oblig\u0101ciju \u012bpa\u0161niece. Turkl\u0101t tai tiek pied\u0101v\u0101ts atsevi\u0161\u0137s meh\u0101nisms \u2014 <em>Klirmark Private Exchange<\/em>. Proti, Klirmark var\u0113s vienlaikus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ieguld\u012bt jaunu naudu;<\/li>\n\n\n\n<li>sa\u0146emt jaun\u0101s <em>super senior<\/em> oblig\u0101cijas;<\/li>\n\n\n\n<li>apmain\u012bt da\u013cu veco oblig\u0101ciju pret augst\u0101ka l\u012bme\u0146a <em>uptiered<\/em> oblig\u0101cij\u0101m.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Turkl\u0101t Klirmark \u0161o iesp\u0113ju sa\u0146em atsevi\u0161\u0137i no parast\u0101 pied\u0101v\u0101juma citiem oblig\u0101ciju tur\u0113t\u0101jiem. T\u0101d\u0113j\u0101di Klirmark potenci\u0101li atrodas vienlaikus vair\u0101kos airBaltic kapit\u0101la strukt\u016bras l\u012bme\u0146os.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ko ieg\u016bst Latvija<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Latvija atrodas paradoks\u0101l\u0101 st\u0101vokl\u012b. T\u0101 vienlaikus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>pieder 88,37% airBaltic akciju;<\/li>\n\n\n\n<li>pieder airBaltic oblig\u0101cijas aptuveni \u20ac50 miljonu apm\u0113r\u0101;<\/li>\n\n\n\n<li>ir uz\u0146\u0113muma kreditore ar valsts aizdevumu;<\/li>\n\n\n\n<li>nes politisku atbild\u012bbu par nacion\u0101l\u0101 p\u0101rvad\u0101t\u0101ja saglab\u0101\u0161anu.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">August\u0101 Saeima \u012bpa\u0161i pie\u0146\u0113ma likumu, kas \u013cauj valstij piedal\u012bties airBaltic stabiliz\u0101cij\u0101 un nepiecie\u0161am\u012bbas gad\u012bjum\u0101 ieg\u0101d\u0101ties jaunas oblig\u0101cijas l\u012bdz \u20ac30 miljoniem. Vienlaikus valstij at\u013cauts kapitaliz\u0113t pras\u012bbas par tai jau piedero\u0161aj\u0101m oblig\u0101cij\u0101m \u20ac50 miljonu apm\u0113r\u0101.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ta\u010du uz 10.\u201311. septembri l\u0113mums par jaunu valsts ieguld\u012bjumu nav pie\u0146emts. Satiksmes ministrs Rihards Kozlovskis pazi\u0146oja, ka jaut\u0101jums par jaunu valsts ieguld\u012bjumu pagaid\u0101m nav darba k\u0101rt\u012bb\u0101. Taj\u0101 pa\u0161\u0101 laik\u0101 valsts aizdevums airBaltic \u20ac30 miljonu apm\u0113r\u0101 v\u0113l nav piln\u012bb\u0101 atmaks\u0101ts. T\u0101 atmaksas termi\u0146\u0161 pagarin\u0101ts l\u012bdz 2026. gada beig\u0101m. Un \u0161eit rodas svar\u012bgs risks: Latvija var nedot jauno \u20ac30 miljonu ieguld\u012bjumu \u2014 un tik un t\u0101 ciest papildu zaud\u0113jumus. K\u0101p\u0113c? T\u0101p\u0113c, ka ar\u012b t\u0101s \u20ac50 miljonu oblig\u0101ciju pras\u012bba non\u0101ks zem\u0101k par jaunaj\u0101m <em>super senior<\/em> oblig\u0101cij\u0101m. Bet valsts aizdevumam j\u0101paliek sp\u0113k\u0101 l\u012bdz 2026. gada beig\u0101m.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Turkl\u0101t <em>term sheet<\/em> pieprasa, lai Latvijas vald\u012bba atbalst\u012btu dar\u012bjumu un izmantotu savas k\u0101 kontrol\u0113jo\u0161\u0101 akcion\u0101ra ties\u012bbas nepiecie\u0161am\u0101s p\u0101rstruktur\u0113\u0161anas \u012bsteno\u0161anai. Jaunos \u20ac257 miljonus Latvija pagaid\u0101m nedod. Ta\u010du valsts:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>paliek kontrol\u0113jo\u0161\u0101 akcion\u0101re;<\/li>\n\n\n\n<li>tai j\u0101atbalsta nepiecie\u0161amie l\u0113mumi;<\/li>\n\n\n\n<li>tai j\u0101veicina dar\u012bjuma \u012bsteno\u0161ana;<\/li>\n\n\n\n<li>tai nedr\u012bkst kav\u0113t \u0137\u012blas realiz\u0101ciju;<\/li>\n\n\n\n<li>tai j\u0101nodro\u0161ina nepiecie\u0161am\u0101 p\u0101rstruktur\u0113\u0161anas procesa turpin\u0101\u0161ana.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">T\u0101d\u0113j\u0101di priv\u0101tie kreditori sa\u0146em naudu ne tikai uz\u0146\u0113mum\u0101, bet uz\u0146\u0113mum\u0101, aiz kura paliek valsts infrastrukt\u016bras un politiskais atbalsts. Tas iev\u0113rojami samazina da\u017eus riskus kreditoriem.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Kas Latvij\u0101 gatavoja \u0161o \u00absuperdar\u012bjumu\u00bb<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Vald\u012bbas dokumenti liecina, ka procesu no valsts puses galvenok\u0101rt vad\u012bja Satiksmes ministrija, kas gatavoja informat\u012bvos zi\u0146ojumus vald\u012bbai. Apr\u012b\u013ca vald\u012bbas protokol\u0101 par airBaltic starp person\u0101m, kas saist\u012btas ar jaut\u0101juma sagatavo\u0161anu, min\u0113ti, cita starp\u0101:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ministru prezidente Evika Sili\u0146a;<\/li>\n\n\n\n<li>satiksmes ministrs Rihards Kozlovskis;<\/li>\n\n\n\n<li>ekonomikas ministrs Viktors Valainis;<\/li>\n\n\n\n<li>tieslietu ministre Inese L\u012bbi\u0146a-Egnere;<\/li>\n\n\n\n<li>airBaltic valdes priek\u0161s\u0113d\u0113t\u0101js Erno Hildens;<\/li>\n\n\n\n<li>airBaltic padomes priek\u0161s\u0113d\u0113t\u0101js Andrejs Martinovs;<\/li>\n\n\n\n<li>toreiz\u0113jais Satiksmes ministrijas vad\u012bt\u0101js Atis Svinka.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">V\u0113l\u0101k tie\u0161i Satiksmes ministrija sagatavoja informat\u012bvo zi\u0146ojumu, uz kura pamata vald\u012bba 8. septembr\u012b atbalst\u012bja finan\u0161u stabiliz\u0101cijas procesa turpin\u0101\u0161anu. Ta\u010du pa\u0161u \u20ac257 miljonu finan\u0161u strukt\u016bru izstr\u0101d\u0101ja nevis Latvijas birokr\u0101tija viena pati \u2014 airBaltic jau apr\u012bl\u012b pie\u0146\u0113ma darb\u0101 Seabury Securities LLC un Seabury Securities (UK) Ltd. k\u0101 strat\u0113\u0123isko un finan\u0161u konsultantu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">airBaltic padomes priek\u0161s\u0113d\u0113t\u0101js Andrejs Martinovs apstiprin\u0101ja, ka tie\u0161i uz\u0146\u0113muma vad\u012bba kop\u0101 ar Seabury konsultantiem izstr\u0101d\u0101ja scen\u0101riju un piesaist\u012bja finans\u0113jumu. Savuk\u0101rt, uzst\u0101joties Saeim\u0101, ministrs Kozlovskis tie\u0161i teica, ka biznesa pl\u0101ns tapis kop\u0101 ar Seabury un ka \u0161is uz\u0146\u0113mums p\u0101rst\u0101v\u0113ja airBaltic intereses sarun\u0101s ar kreditoriem. Un pats interesant\u0101kais jaut\u0101jums, uz kuru diem\u017e\u0113l pagaid\u0101m nav atbildes:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Kas atrada investorus Polus un Klirmark, apg\u0101d\u0101ja tos ar inform\u0101ciju par airBaltic st\u0101vokli un nodro\u0161in\u0101ja Latvijas vald\u012bbas atbalstu?<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jo sh\u0113ma par lielu uz\u0146\u0113mumu sadal\u012b\u0161anu, no kuriem da\u013ca sa\u0146\u0113musi valsts atbalstu, neb\u016bt nav jauna. \u0160\u0101di dar\u012bjumi Latvijas v\u0113stur\u0113 jau notiku\u0161i, un ne reizi vien. Un tas, kur\u0161 vienm\u0113r garant\u0113ti palicis zaud\u0113t\u0101jos, ir valsts bud\u017eets un nodok\u013cu maks\u0101t\u0101ju nauda. Person\u012bgi m\u0113s nedotu nek\u0101du garantiju, ka jaunie, pagaid\u0101m potenci\u0101lie, kreditori ir ieinteres\u0113ti airBaltic biznesa att\u012bst\u012bb\u0101. Dr\u012bz\u0101k \u0161\u0137iet, ka vi\u0146u bizness ir v\u0113rsts uz pe\u013c\u0146u. airBaltic gad\u012bjum\u0101 interesants ir ar\u012b to klientu naudas liktenis, kuri ieg\u0101d\u0101ju\u0161ies bi\u013cetes, piem\u0113ram, uz Ziemassv\u0113tku br\u012bvdien\u0101m. Iesp\u0113jam\u012bba, ka lidojumi notiks p\u0113c pl\u0101na, pagaid\u0101m ir neliela, sakot atkl\u0101ti.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>15. septembr\u012b airBaltic oblig\u0101ciju tur\u0113t\u0101jiem j\u0101pie\u0146em l\u0113mums, kas var iz\u0161\u0137irt ne tikai aviokomp\u0101nijas pa\u0161reiz\u0113j\u0101 par\u0101da likteni, bet ar\u012b to, kur\u0161 kontrol\u0113s airBaltic p\u0113c p\u0101rstruktur\u0113\u0161anas. Uz sp\u0113les ir piekri\u0161ana piesaist\u012bt l\u012bdz \u20ac257 miljoniem jauna finans\u0113juma ar uz\u0146\u0113mumam l\u012bdz \u0161im nebiju\u0161u likmi \u2014 25% gad\u0101. Aiz vienk\u0101r\u0161\u0101s fr\u0101zes \u00abkred\u012bts airBaltic gl\u0101b\u0161anai\u00bb sl\u0113pjas daudz sare\u017e\u0123\u012bt\u0101ka konstrukcija. Jaunie kreditori 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\u0441\u0440\u0435\u0434\u0438 30 \u043a\u0440\u0443\u043f\u043d\u0435\u0439\u0448\u0438\u0445 \u043d\u0435\u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u043d\u044b\u0445 \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u0439 airBaltic. \u041c\u043e\u0436\u0435\u0442 \u043b\u0438\u2026","rel":"","context":"\u0412 &quot;\u0415\u0432\u0440\u043e\u043f\u0430&quot;","block_context":{"text":"\u0415\u0432\u0440\u043e\u043f\u0430","link":"https:\/\/yablokodaily.com\/category\/%d0%b5%d0%b2%d1%80%d0%be%d0%bf%d0%b0\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/yablokodaily.com\/wp-content\/uploads\/2026\/09\/airbaltic_3_tx43.jpg?fit=1194%2C796&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/yablokodaily.com\/wp-content\/uploads\/2026\/09\/airbaltic_3_tx43.jpg?fit=1194%2C796&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/yablokodaily.com\/wp-content\/uploads\/2026\/09\/airbaltic_3_tx43.jpg?fit=1194%2C796&ssl=1&resize=525%2C300 1.5x, 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\u041c\u0430\u0440\u0442\u0438\u043d","date":"26.09.2026","format":false,"excerpt":"\u041f\u043e\u043a\u0430 airBaltic \u043f\u0440\u043e\u0445\u043e\u0434\u0438\u0442 \u0447\u0435\u0440\u0435\u0437 Chapter 11, \u0432\u043e\u043a\u0440\u0443\u0433 \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u0438 \u043d\u0430\u0447\u0438\u043d\u0430\u0435\u0442\u0441\u044f \u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0438\u0439 \u043f\u0440\u043e\u0446\u0435\u0441\u0441 \u2014 \u043f\u043e\u0438\u0441\u043a \u043d\u043e\u0432\u043e\u0433\u043e \u0432\u043b\u0430\u0434\u0435\u043b\u044c\u0446\u0430 \u0438\u043b\u0438 \u0441\u0442\u0440\u0430\u0442\u0435\u0433\u0438\u0447\u0435\u0441\u043a\u043e\u0433\u043e \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0430. \u041f\u043e \u043d\u0435\u043e\u0444\u0438\u0446\u0438\u0430\u043b\u044c\u043d\u043e\u0439 \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u0438, \u0438\u043d\u0442\u0435\u0440\u0435\u0441 \u043a \u043f\u043e\u043a\u0443\u043f\u043a\u0435 airBaltic \u043f\u0440\u043e\u044f\u0432\u0438\u043b\u0438 \u043f\u043e\u043b\u044c\u0441\u043a\u0430\u044f \u0441\u0442\u043e\u0440\u043e\u043d\u0430 \u0438 \u043e\u0434\u0438\u043d \u0438\u0437 \u043a\u0430\u0437\u0430\u0445\u0441\u0442\u0430\u043d\u0441\u043a\u0438\u0445 \u0430\u0432\u0438\u0430\u0431\u0438\u0437\u043d\u0435\u0441\u043e\u0432. \u0415\u0441\u043b\u0438 \u044d\u0442\u0438 \u043d\u0430\u043c\u0435\u0440\u0435\u043d\u0438\u044f \u043f\u0435\u0440\u0435\u0439\u0434\u0443\u0442 \u0432 \u043e\u0444\u0438\u0446\u0438\u0430\u043b\u044c\u043d\u0443\u044e \u0441\u0442\u0430\u0434\u0438\u044e, \u041b\u0430\u0442\u0432\u0438\u0438 \u043f\u0440\u0435\u0434\u0441\u0442\u043e\u0438\u0442 \u0440\u0435\u0448\u0438\u0442\u044c, \u043a\u0430\u043a\u0438\u043c \u043e\u043d\u0430 \u0432\u0438\u0434\u0438\u0442 \u0431\u0443\u0434\u0443\u0449\u0435\u0435 \u0441\u0432\u043e\u0435\u0439 \u043d\u0430\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0439 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