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LATAM Airlines says it will exit bankruptcy on Nov. 3

Published 10/15/2022, 09:55 AM
Updated 10/15/2022, 10:00 AM
© Reuters. FILE PHOTO: A passenger plane arrives at the Arturo Merino Benitez International Airport in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado/File Photo
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SANTIAGO (Reuters) - LATAM Airlines (OTC:LTMAQ), the biggest carrier in Latin America, said it plans to conclude its exit from bankruptcy on Nov. 3.

"This process will allow the group to emerge more agile, with a more competitive cost structure, adequate liquidity to face the future, with approximately $10.3 billion in equity, and close to $6.9 billion in debt," the company said in a statement late on Friday.

© Reuters. FILE PHOTO: A passenger plane arrives at the Arturo Merino Benitez International Airport in Santiago, Chile May 26, 2020. REUTERS/Ivan Alvarado/File Photo

LATAM filed for Chapter 11 in 2020 after airline travel was hammered during the pandemic, and it won court approval that June.

The reorganization plan would inject about $8 billion into the airline through a combination of capital increase, issue of convertible bonds and new debt.

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