Latam Airlines finally received approval on Friday for its $2.45 billion financing plan, a day after it submitted a counter-proposal to the initial plan.
See also: Delta and Latam Airlines receive approval in Brazil for Joint Venture agreement.
At the hearing held in the Southern District Court of New York at 3:00 p.m. and lasting 20 minutes, Judge James L. Garrity gave the go-ahead to the new DIP funding proposal.
“I am ready to approve the funding, I apologize for the delay on the previous occasion. We are ready to move forward with the process,” said Garrity.
“The approval is a very significant step for the sustainability of the group and we appreciate the broad interest and confidence in what Latam has built and in our long-term project,” said the company’s CEO, Roberto Alvo.
It is worth noting that last Friday Judge Garrity rejected the initial proposal for financing that the company submitted in May.
The judge’s rejection referred to the conversion of shares for the payment of the debt that was included in Tranche C of the financing plan presented by Latam and that the judge considered would incur in an inadequate treatment to other shareholders.
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