The state's shareholding had been 99.8% since 30 November 2011, following the collapse of a bank linked with a finance package negotiated for the airline, but on 6 November 2015 it was reported that the Latvian Cabinet of Ministers had approved plans to sell 20% of airBaltic to German investor Ralf Dieter Montag-Girmes for €52 million and agreed to invest a further €80 million in the airline. The total of €132 million of fresh capital for the carrier is intended to spur its Horizon 2021 business plan and fleet modernisation. Following the closure of Air Lituanica and Estonian Air respectively in June and November 2015, it is alongside Nordica, one of two flag carriers in the Baltic countries.