LATAM Airlines says US court approved its reorganization plan

SANTIAGO18 jun – LATAM Airlines, the largest air transport group in Latin America, said late Saturday that the US court handling its case supported its reorganization plan.

The decision of the New York court that is handling its case under Chapter 11 of the bankruptcy law, which was filed due to the impact of the pandemic, takes place just over a month after the airline announced that almost all of his creditors had supported the plan.

“We are very satisfied with the judge’s confirmation of our restructuring plan. This is a very important step in the process to get out of Chapter 11 and we will continue to work intensively to complete the remaining steps in the coming months,” said Mr. CEO of LATAMRoberto Alvo, quoted in a statement.

The plan contemplates resources for 8,190 million dollars, through a capital increase, the issuance of three series of convertible bonds and new debt.

The airline, which filed for bankruptcy protection in May 2020, said it will now focus on completing the pending stages in Chile, which include an extraordinary shareholders’ meeting to approve the new capital structure and the registration of shares and convertible bonds before the local regulator, among others.

the output of LATAM The process of chapter 11 is expected during the second half of 2022, added the company based in Santiago and subsidiaries in Brazil, Colombia, Ecuador, Peru and the United States.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Never miss any important news. Subscribe to our newsletter.