Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

LATAM Airlines says it will exit bankruptcy on Nov. 3

Published 10/15/2022, 09:55 AM
Updated 10/15/2022, 10:00 AM
© Reuters. FILE PHOTO: A passenger plane arrives at the Arturo Merino Benitez International Airport in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado/File Photo

SANTIAGO (Reuters) - LATAM Airlines (OTC:LTMAQ), the biggest carrier in Latin America, said it plans to conclude its exit from bankruptcy on Nov. 3.

"This process will allow the group to emerge more agile, with a more competitive cost structure, adequate 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 on Friday.

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

LATAM filed for Chapter 11 in 2020 after airline travel was hammered during the pandemic, and it won court approval that June.

The reorganization plan would inject about $8 billion into the airline through a combination of capital increase, issue of convertible bonds and new debt.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.