Bertolt Flick Explained

Bertolt Martin Flick (born 1964, Germany) is a German businessman, the former president and CEO of airBaltic airline.

He has a law degree from the University of Heidelberg, Germany.[1]

In 1995, Flick became a member of airBaltic's supervisory board and in 1999 he was elected the chairman of the board. Between 2002 and 2011, he was the president and CEO of the company. On January 30, 2009, Flick purchased a 47.2% stake in airBaltic from Scandinavian Airlines via Baltijas aviācijas sistēmas Ltd (BAS) for 14 million lats.[2] BAS was wholly owned by Flick until December 2010, when 50% of BAS shares were transferred to Taurus Asset Management Fund Limited, registered in the Bahamas.[3] The beneficiaries of the company were widely disputed.[4] [5]

Under the leadership of Flick, airBaltic lost 173 million euros between 2010 and 2011. In August 2011, airBaltic requested more than 60 million lats in capital as its losses continued to mount,[6] and suffered speculation about its financial position[7] [8] [9] [10] and political scandals throughout 2011.[11] [12] In mid-September 2011, the company announced plans to lay off around half its employees and cancel around 700 flights a month to avoid possible grounding.[13] [14] The government of Latvia and BAS agreed to invest around 100 million lats in the airline's share capital in proportion to their stakes in AirBaltic.[15] [16] In connection with the agreement, Flick stepped down as long-term president and CEO of the airline.

He became the president of the Frankfurt-am-Main based charter airline XL Airways in 2012.

Notes and References

  1. Web site: American Chamber of Commerce in Latvia . 3 March 2010 . 4 March 2012 . https://web.archive.org/web/20120304065948/http://www.amcham.lv/sackal/index.php?sackal_id=76 . dead .
  2. http://www.baltic-course.com/eng/transport/?doc=9283 Bertolt Flick purchased a 47.2% stake in airBaltic
  3. Web site: Changes in airBaltic shareholders structure . . 2010-12-16 . 2013-04-20.
  4. Web site: Augulis: par BAS patiesā labuma guvējiem klejo daudz baumu . Tvnet.lv . 2011-10-01 . 2019-03-19.
  5. Web site: BAS patiesie labuma guvēji ir Fliks un kāda Krievijas privātpersona . Kasjauns.lv . 2011-09-22 . 2019-03-19.
  6. Web site: AirBaltic in need of massive investment as losses mount . . 2011-08-19 . 2013-04-20.
  7. Web site: Toomas Hõbemägi . Antonov: airBaltic will continue its business . Balticbusinessnews.com . 2011-06-27 . 2013-04-20 . 1 July 2011 . https://web.archive.org/web/20110701094116/http://www.balticbusinessnews.com/article/2011/6/27/antonov-airbaltic-will-continue-its-business . dead .
  8. Web site: Toomas Hõbemägi . Tallinn Airport: airBaltic owes us money . Balticbusinessnews.com . 2011-09-14 . 2013-04-20.
  9. Web site: Toomas Hõbemägi . Bookinghouse stops selling tickets to airBaltic flights . Balticbusinessnews.com . 2011-06-28 . 2013-04-20.
  10. Web site: airBaltic starts cancelling flights . Baltictimes.com . 2011-09-13 . 2013-04-20.
  11. Web site: Former Latvian president unleashed on the head of airBaltic corruption fighters . Bakutoday.net . 2013-04-20 . https://web.archive.org/web/20120325211517/http://www.bakutoday.net/former-latvian-president-unleashed-on-the-head-of-airbaltic-corruption-fighters.html . 2012-03-25.
  12. Web site: Suspected illegal activity haunts airBaltic . Baltictimes.com . 2011-09-14 . 2013-04-20.
  13. Web site: Toomas Hõbemägi . airBaltic starts massive layoffs . Balticbusinessnews.com . 2011-09-16 . 2013-04-20 . 16 September 2011 . https://web.archive.org/web/20110916205618/http://balticbusinessnews.com/article/2011/9/16/airbaltic-starts-massive-layoffs . dead .
  14. Web site: Update: AirBaltic cancels flights through December . Intelliguide.com . 2013-04-20 . dead . https://web.archive.org/web/20120402132950/http://www.intelliguide.com/news/?ID=1539512&eid=4acrnLWVgPM%3D . April 2, 2012 .
  15. Web site: Alla Petrova . Agreement officially signed on bail out of airBaltic . Baltic-course.com . 2012-10-17 . 2013-04-20.
  16. http://news.ph.msn.com/business/article.aspx?cp-documentid=5346951 Latvian government approves airBaltic deal

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