U.S. Bankruptcy Judge James Garrity Jr. blocked Latam Airlines Group from accessing as much as $2.45 billion of proposed bankruptcy financing, by Bloomberg.
See also: Airlines are reinventing themselves in Brazil after the crisis that left them on the ground.
The credit agreement didn’t to conform with bankruptcy rules, according to a Thursday ruling by Garrity. More than $1 billion of the financing was set to come from Oaktree Capital Management and at least $900 million from Qatar Airways as well as Chile’s Cueto family, two major Latam shareholders.
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