Chile’s Latam Airlines files for bankruptcy protection
A chapter 11 filing allows Latin America’s largest carrier to keep operating while working on a recovery plan amid the Covid-19 crisis
New York/Santiago — Latam Airlines Group, Latin America’s largest carrier, sought bankruptcy court protection in New York on Tuesday after the Covid-19 pandemic grounded flights across the region.
The chapter 11 petition allows Latam to keep operating while the Chilean carrier works out a plan to pay creditors and turn the business around. Latam, which has shareholders that include Chile’s Cueto family and Delta Air Lines, is operating on a reduced schedule and has commitments for a bankruptcy loan of as much as $900m...