LATAM Airlines Group S.A. and its affiliates in Chile, Peru, Colombia, Ecuador and the United States initiated a reorganization and restricting of debt under Chapter 11 protection in the United States, in light of the disruption caused by the COVID-19 pandemic. The reorganization provides LATAM the ability to reduce debt, access new sources of financing and continue operations.
“LATAM entered the COVID-19 pandemic as a healthy and profitable airline group, yet exceptional circumstances have led to a collapse in global demand and has not only brought aviation to a virtual standstill, but it has also changed the industry for the foreseeable future,” said Roberto Alvo, chief executive officer, LATAM. “We have implemented a series of difficult measures to mitigate the impact of this unprecedented industry disruption, but ultimately this path represents the best option to lay the right foundation for the future of our airline group. We are looking ahead to a post-COVID-19 future and are focused on transforming our group to adapt to a new and evolving way of flying, with the health and safety of our passengers and employees being paramount.”
LATAM and its affiliates will continue to operate passenger and cargo flights, subject to demand and travel restrictions, and all current and future tickets, vouchers and frequent-flyer benefits will be honored.
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