There are many ways to raise capital . . . . and certainly going into debt is common, but is most often the reason for failure . . . too much debt.  Baltia wisely sells equity to raise the capital to get operational.  Had they tried to use a combination of debt and equity several years ago, which might have made some shareholders happy at that time, then they would probably be out of business now due to not being able to service the debt during the temporary delay to start-up.

The good news is that Baltia is well along the track for certification, and will be operational soon . . . . . less debt than any start-up airline in over thirty years . . . and that is GOOD NEWS FOR SHAREHOLDERS.