LATAM Airlines Group Its subsidiaries in Brazil, Chile, Colombia, Ecuador, Peru and the United States announced this afternoon that the US Bankruptcy Court for the Southern District of New York approved the group’s reorganization plan submitted in the course of the Chapter 11 reorganization proceeding.
Backed by nearly all of the company’s creditors, the plan was the result of months of negotiations between the main stakeholders, which was even considered an extensive mediation period. Latin America is expected to exit Chapter 11 process during the second half of 2022.
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The document complies with the legal requirements of the United States and Chile. Today’s confirmation order from the United States Court represents the latest milestone in the Chapter 11 process that Latam has initiated to ensure its long-term sustainability.
“We are very satisfied with Judge’s confirmation of our restructuring plan. This is a very important step in the Chapter 11 exit process and we will continue to work hard to complete the remaining steps in the coming months,” said Roberto Alvo, CEO of Latam Airlines Group SA.
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Latam is now focused on concluding the pending stages in Chile, which include the extraordinary meeting of shareholders to approve the new capital structure, the registration of convertible shares and bonds with the CMF and the rights issue.
All these organs will be introduced in accordance with the law in a preferential manner to all the shareholders who wish to participate in the new capital structure thus avoiding the consequences of dilution of ownership implied by the expected capital increase.
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Once in effect, Latam’s plan will inject approximately $8 billion through a combination of capital raising, the issuance of convertible bonds, and new debt.
This includes $5.4 billion in financing backed by major shareholders (Delta Airlines, Qatar Airways, and Grupo Quito) and LATAM principal creditors (creditors represented by the designated group of creditors and some local bondholders).
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