LATAM Airlines Receives Several Financing Offers to Exit Bankruptcy

LATAM Airlines said yesterday that it has received several offers to fund its exit from chapter 11 bankruptcy, each of which are worth more than $5 billion, Reuters reported. LATAM, the largest airline in Latin America, received the offers from creditors and shareholders, according to a filing with the U.S. Bankruptcy Court in New York City. The Santiago, Chile-based company did not reveal the number of offers received or from whom they came, but Delta Air Lines Inc is LATAM’s largest shareholder. Other shareholders include Qatar Airways, with a 10% stake. LATAM, which also operates in Brazil, Colombia, Ecuador and Peru as well as having operations through Latin America, Europe, the United States and the Caribbean, only said in the filing the offers came from “its most significant claimholders and its majority shareholders.” It said negotiations for financing are ongoing. LATAM filed for chapter 11 protection in New York in May 2020 as world travel came to a halt amid the COVID-19 pandemic. It hopes to accomplish by the end of the year the major tasks it needs to exit bankruptcy but may not formally exit by that time. Read more.