Covid-19 bankrupts a travel-industry power player. Investors dump its securities. But wait: vaccines roll out, economies reopen, and that once-doomed firm looks pretty attractive to traders once again. The tale of Latam Airlines Group SA’s Chapter 11 case is looking eerily similar to that of Hertz Global Holdings Inc. in some respects, Bloomberg News reported. Both went bankrupt as the virus raged. Both were in decent financial shape before the pandemic ground travel to a halt. Hertz was alone in sparking a fierce chapter 11 bidding war, but markets are now painting a much rosier picture for Latam, too. Latam’s bankruptcy “is Hertz five months ago,” and equity holders stand to recover value, said Andrew Glenn, managing partner at Glenn Agre Bergman & Fuentes. His firm represented an ad hoc committee of Hertz shareholders and has now taken up the same role in Latam’s case. Like Hertz, certain Latam shareholders believe the air carrier’s equity is worth something even as it goes through bankruptcy. Their aim is to preserve the value of common stock, which is often, but not always, wiped out when a company restructures in the U.S. The group organized and hired Glenn’s firm, along with financial advisers from Cowen Inc., after the airline’s bankruptcy judge said last month that it was too early to know if Latam is solvent. In addition to his work on Hertz, Glenn steered stockholders of auto parts maker Garrett Motion Inc. toward a recovery earlier this year. Read more.