U.S. Bankruptcy Court Approves LATAM Airline’s Restructuring Plan

The U.S. bankruptcy court for the southern district of New York has approved LATAM Airlines Group SA’s bankruptcy reorganization plan, the group announced on 18JUN. The plan would see the largest air transport group in Latin America receive USD $8 billion to help it emerge from bankruptcy protection by the second half of 2022 through a combination of capital increase, issue of convertible bonds, and the new debt. LATAM was formed in 2012 from the merger of Chile’s LAN with Brazilian rival TAM, and the group filed for bankruptcy protection in 2020 in the U.S. due to the pandemic, reports Reuters.

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