Braathens Regional Airlines (BRA) has applied for corporate restructuring in Sweden, similar to Chapter 11 in the US, for seven out of its thirteen companies. It is also exploring options to broaden its ownership.
BRA reassured that air operations will continue as planned and passengers will not be affected.
The airline cites negative impacts from exchange rates and delays in aircraft and spare part deliveries, resulting in significant one-off costs.
BRA aims to restructure its debts, renegotiate agreements, and ensure long-term financial stability through the legal process and its own improvement measures. The company currently employs around 500 people.
BRA has a history dating back to 1946 and had previously filed for bankruptcy protection in April 2020 due to the pandemic but successfully relaunched in October of the same year. The current situation is different from the pandemic period, and the owners are willing to inject new capital and consider broader ownership as part of the reorganisation process.
