A Latvian airline has filed for bankruptcy protection due to the war.

Latvia's airBaltic said today that the company has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code with a New York court as part of its debt restructuring and debt reduction efforts. In a statement, airBaltic said it has secured 350 million euros in financing commitments from Morgan Stanley, Barclays, Oaktree Capital, and others to support business operations during the restructuring period. The airline, which is majority-controlled by the Latvian government, said the bankruptcy protection filing is intended to obtain protection while negotiating debt restructuring with creditors, and that flights will continue to operate as scheduled throughout the court-supervised process. Analysts noted that the U.S.-Iran war has caused aviation fuel prices to double, continuously putting pressure on the aviation industry, and airlines with heavily strained balance sheets and greater exposure to oil price fluctuations are the hardest-hit group in this war.