{"id":132266,"date":"2022-10-12T19:30:00","date_gmt":"2022-10-12T19:30:00","guid":{"rendered":"https:\/?p=132266"},"modified":"2022-10-12T22:21:38","modified_gmt":"2022-10-12T22:21:38","slug":"latam-airlines-prepares-to-exit-bankruptcy-in-november","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2022\/10\/latam-airlines-prepares-to-exit-bankruptcy-in-november.html","title":{"rendered":"LATAM Airlines prepares to exit bankruptcy in November"},"content":{"rendered":"\n

LATAM Airlines <\/strong>detailed a financing plan on Wednesday that the company hopes will finalize its exit from bankruptcy in the first week of November.<\/p>\n\n\n\n

The company filed for Chapter 11 in 2020 after airline travel plummeted during the pandemic and won court approval that June. The reorganization plan would inject about $8 billion into the airline through a combination of capital increase, issue of convertible bonds and new debt.<\/p>\n\n\n\n

\u2192 LATAM announces direct flights between S\u00e3o Paulo and Johannesburg.<\/a><\/em><\/strong><\/p>\n\n\n\n

In a note sent to the market regulator late Tuesday night, LATAM detailed the structure of its exit financing that includes a $500 million revolving credit facility and a five-year term loan facility of $1.1 billion.<\/p>\n\n\n\n

It also includes $450 million in senior secured notes due in 2027 and $700 million in senior secured notes due in 2029 as well as $750 million five-year bridge-to-notes and another $750 million in seven-year bridge-to-notes.<\/p>\n\n\n\n

\u201cIn the coming weeks we expect to emerge from Chapter 11 with approximately U.S.$2.2 billion of liquidity and a debt reduction of approximately 35% compared to the debt we had outstanding before entering into this process,\u201d LATAM\u2019s CEO Roberto Alvo said in a press release.<\/p>\n\n\n\n

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