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LATAM Airlines to start process of re-listing shares on NYSE

Published 04/03/2024, 10:11 PM
Updated 04/03/2024, 10:40 PM
© Reuters. LATAM airlines logo, is seen inside of the Commodore Arturo Merino Benitez International Airport in Santiago, Chile  April 25, 2019. REUTERS/Rodrigo Garrido/File Photo
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(Reuters) -LATAM Airlines said on Wednesday its board gave approval to begin the process of re-listing American Depositary Receipts (ADRs) on the New York Stock Exchange.

In a filing to Chile's stock exchange, the company said the process involves meeting various requirements from the NYSE and the U.S. Securities and Exchange Commission and could take up to six months.

The Santiago-based carrier traded ADRs, which foreign companies use to list their shares on U.S. stock exchanges, on the NYSE before declaring bankruptcy in 2020.

© Reuters. LATAM airlines logo, is seen inside of the Commodore Arturo Merino Benitez International Airport in Santiago, Chile  April 25, 2019. REUTERS/Rodrigo Garrido/File Photo

The company emerged from bankruptcy proceedings with an $8 billion reorganization plan in late 2022.

Re-listing will require consent from the principal creditors that supported the company's Chapter 11 reorganization plan, "without whom the company would not have emerged from the reorganization process," the filing said.

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