LATAM Airlines Group to Exit Chapter 11 in 4Q22

LATAM Airlines Group hopes to exit chapter 11 bankruptcy protection in the last quarter of 2022 after securing the financing plus U.S. bankruptcy court and shareholder approval for its restructuring plan, says Group Chief Executive Officer Roberto Alvo, reported. "We have closed the second quarter with significant progress in our reorganization process under Chapter 11, and we hope to emerge from it during the last quarter of this year, Alvo said in a statement. “Although the group has made advances in its operational recovery, we continue to remain cautiously optimistic about the coming months, closely monitoring fuel prices and macro-economic variables, as the industry still finds itself in the midst of a very dynamic environment.” At an extraordinary shareholders’ meeting, LATAM obtained the necessary approval from its shareholders for the company’s new capital structure and the issuance of the financing instruments presented in the restructuring plan, receiving the support of the vast majority of shareholders, corresponding to 99.8% of the shares present or represented at the meeting, which correspond to 77.5% of the total shares with voting rights. This will allow LATAM to begin the final phase of regulatory requirements in Chile for the eventual implementation of the plan. This comes as LATAM Group reported losses of USD523.2 million for the second quarter of 2022. Read more.