LATAM Airlines says it will exit bankruptcy on November 3 According to Reuters

© Reuters. FILE PHOTO: A passenger plane arrives at Arturo Merino Benitez International Airport in Santiago, Chile May 26, 2020. REUTERS / Ivan Alvarado / File Photo

SANTIAGO (Reuters) – LATAM Airlines (OTC:), the largest airline in Latin America, said it plans to end its bankruptcy on November 3.

“This process will allow the group to emerge more nimble, with a more competitive cost structure, the right liquidity to face the future, with approximately $10.3 billion in equity and close to $6.9 billion in debt,” the company said in a statement late Friday.

LATAM filed for Chapter 11 in 2020 after air travel was impacted by the pandemic, and it won court approval in June of that year.

The reorganization plan will inject about $8 billion into the airline through a combination of capital raise, convertible bond issuance and new debt.


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