{"id":123568,"date":"2022-03-22T18:00:00","date_gmt":"2022-03-22T18:00:00","guid":{"rendered":"https:\/?p=123568"},"modified":"2022-03-22T22:14:41","modified_gmt":"2022-03-22T22:14:41","slug":"latam-will-be-able-to-begin-voting-its-reorganization-plan","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2022\/03\/latam-will-be-able-to-begin-voting-its-reorganization-plan.html","title":{"rendered":"LATAM makes progress and will be able to begin voting on its Reorganization Plan"},"content":{"rendered":"\n

LATAM Airlines Group <\/strong>and its subsidiaries in Brazil, Chile, Colombia, Ecuador, Peru and the U.S. achieved on Monday an important advance in the Chapter 11 Proceeding, following the approval of the Disclosure Statement by the U.S. Court. In the resolution, it is established that the background information provided by LATAM to the process is sufficient for the creditors to vote on the Reorganization Plan submitted to the Court on November 26, 2021.<\/p>\n\n\n\n

\u2192 LATAM Airlines to resume flights from Brazil to Rome and Boston.<\/a><\/strong><\/em><\/p>\n\n\n\n

Thus, it is expected that in the coming weeks LATAM will begin the process of soliciting votes on the Reorganization Plan, during which time it will seek approval. This represents a fundamental step towards the exit from Chapter 11.<\/p>\n\n\n\n

The Court also set the Confirmation Hearing for May 17-18, 2022, at which time the Court will evaluate the Plan of Reorganization. This is the final milestone in the U.S. proceeding. LATAM expects to successfully emerge from the Chapter 11 Proceeding during the second half of 2022.<\/p>\n\n\n\n

\u2192 LATAM will move its International Operations to new Terminal 2 at Santiago Airport.<\/a><\/strong><\/em><\/p>\n\n\n\n

It should be recalled that this resolution comes after the Court approved the amendment and new consolidated text of the DIP credit agreement between LATAM and its financiers dated March 15, 2022 (Super-priority Debtor-in-Posession Term Loan Agreement), which will allow the group to access US$3.7 billion in liquidity and refinance its existing DIP credit agreement. In addition, the new credit agreement extends the maturity date of the existing DIP facility, in line with LATAM’s target timetable for emergence from the Chapter 11 Proceeding.<\/p>\n\n\n\n

Last week, the Court approved the backstop commitment agreements in support of the reorganization and financing plan proposed by LATAM and certain of its direct and indirect subsidiaries. These agreements represent approximately US$5.4 billion in committed funds.<\/p>\n\n\n\n

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