LATAM Airlines files for Chapter 11 bankruptcyChristian Fernsby ▼ | May 26, 2020
LATAM Airlines says it and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection in the United States.
Bankruptcy LATAM Airlines
Topics: LATAM Airlines
The airline will continue to fly while it is in bankruptcy protection and its affiliates in Argentina, Brazil and Paraguay were not included in the Chapter 11 filing. LATAM is a code share partner of Qantas on flights to and from Latin America.
Delta Air Lines is the biggest shareholder in LATAM, having last year paid $US1.9 billion ($2.9 billion) for a 20 per cent stake during better times for the industry.
LATAM said it had secured funding from other major shareholders, including the Cueto and Amaro families and Qatar Airways, to provide up to $US900 million in debtor-in-possession financing. ■