Chile

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Chile’s government is confident it will be able to undertake massive structural reforms without scaring away foreign investors, according to one of the nation’s top economic officials, Bloomberg News reported. “Our main message is that change is not the same as uncertainty,” Economy Minister Nicolas Grau, 39, said in an interview Monday in Ottawa. He spoke in Canada as part of an official visit by Chile’s left-wing President Gabriel Boric, who met with Prime Minister Justin Trudeau and investors before he travels to the Summit of the Americas in Los Angeles.
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Chile on Friday accepted a short-term liquidity line (SLL) from the International Monetary Fund (IMF) of around $3.5 billion, aiming to support the South American country's economy as it rebounds from the COVID-19 pandemic, Reuters reported. Chilean authorities also notified the IMF that of their decision to exit the current two-year flexible credit line, which was set to expire at the end of the month.
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LATAM Airlines Group SA, the largest air transport group in Latin America, said on Wednesday that it garnered support from almost all of its creditors for a reorganization plan that the company is taking before a U.S. court, Reuters reported. The airline said that the agreement was presented to a Manhattan bankruptcy court that is handling its Chapter 11 bankruptcy case, which it filed for in May 2020 due to the impact of the COVID-19 pandemic on its operations.
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Junior creditors of LATAM Airlines Group SA are challenging its proposed reorganization plan, saying it improperly benefits the carrier's existing shareholders, such as Delta Air Lines, at their expense, Reuters reported. Objections were filed on Monday in Manhattan bankruptcy court ahead of a May 17 hearing at which LATAM’s lawyers will ask U.S. Bankruptcy Judge James Garrity to approve the proposal. The airline is seeking to raise $5.4 billion through its plan to exit chapter 11, which it filed two years ago as world travel halted amid the COVID-19 pandemic.
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Chile's President Gabriel Boric announced on Thursday a $3.7 billion economic recovery plan that includes a hike in the minimum wage, subsidies and financing for sectors of the economy still battling fallout from the COVID-19 pandemic, Reuters reported. Key goals of the plan, the president said, include creating 500,000 jobs and raising the current monthly minimum wage of 350,000 pesos ($434) to 400,000 pesos ($496) by the end of the year.
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Chile’s incoming Finance Minister Mario Marcel pledged to reduce uncertainty and seek to control debt levels, as he gets ready to take the reins of the economy next month as part of the new administration of President-elect Gabriel Boric, Bloomberg News reported. Establishing a fiscal base that allows the new government to execute its plans is priority, Marcel told reporters in Santiago on Tuesday after a meeting with outgoing Finance Minister Rodrigo Cerda.
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A group of Latam Airlines Group SA’s creditors said they are prepared to provide alternative financing if a bankruptcy judge rejects a financial lifeline from another creditor group, WSJ Pro Bankruptcy reported. The splinter group of creditors, which includes Pentwater Capital Management LP, Invictus Global Management LLC and Avenue Capital Group, said it is ready to backstop $400 million of a rights offering and roughly $3.27 billion in the sale of convertible notes.
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