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LATAM exits its restructuring process

Dergam Mousa

LATAM, Latin America’s leading airline group, announced Thursday that it successfully completed its restructuring process in the United States, which it voluntarily entered in May 2020 to reduce its debt, access new sources of financing and transform its business in response to the global pandemic.

Having maintained its leadership position and achieved significant cost savings, LATAM emerges from the reorganization as a more efficient group, with a modern fleet, the most extensive network of connections in South America and the largest loyalty program on the continent.

→ LATAM resumes flights between São Paulo and Boston.

With more than US$2.2 billion of liquidity, approximately US$3.6 billion less debt on its balance sheet (equivalent to a 35% reduction of pre-entry debt), and the support of existing and new major shareholders, LATAM is poised to reaffirm its leadership in Latin America and has a sustainable future.

“Today marks a very important milestone for LATAM. We are pleased that we have completed a significant transformation and have emerged from our restructuring process with a strengthened financial position and a renewed commitment to operational excellence. As a group, with a dynamic team of 30,000 employees and an unrivaled connectivity network, we look forward to continuing to offer passengers the best alternative for travel to, from and within South America and to contribute to the needs of the different countries in which we operate,” said Roberto Alvo, CEO of LATAM Airlines Group.

On November 15, the Extraordinary Shareholders’ Meeting (EGM) will be held to renew the Board of Directors of LATAM Airlines Group S.A.

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