Latam issued a statement on Saturday night (18) to inform that the Bankruptcy Court of the Southern District of New York, in United States approved the judicial recovery plan presented by the airline in its reorganization process in that country.
The company intends to finish the recovery process in the second half of this year. The plan meets the legal requirements of the United States and the Chile .
In the coming months, the company plans to obtain approval for the registration of shares and securities with the Chilean Financial Market Commission and the implementation of the respective preemptive right periods for the offering of shares and convertible securities to current shareholders.
Once the objectives are achieved, the company could follow the turnaround plan presented in November 2021: injection of US$ 8.19 billion into the group through a combination of new capital, convertible bonds and debt.
According to the company, this includes financing of $5.4 billion secured by major shareholders — Delta Air Lines, Qatar Airways and Grupo Cueto — and by Latam’s main creditors — that is, the creditors represented by the Ad Hoc group of Lenders of Latam. Latam Parent and local bondholders.
Source: CNN Brasil
