LATAM Airlines plans to exit from Chapter 11 of the US bankruptcy law on November 3

LATAM Airlinesthe largest air transport group in Latin America, confirmed on Friday night that on November 3 it will emerge from the bankruptcy process it is carrying out in the United States.

The company accepted the Chapter 11 of the United States Bankruptcy Law in 2020 due to the impact of the pandemic and last June obtained court approval to exit the process after presenting a reorganization plan that aims to inject some 8,000 million dollars through a capital increase, issuance of convertible bonds and new debt.

“This process will allow the group to emerge more agile, with a more competitive cost structure, adequate liquidity to face the future, with approximately 10.3 billion dollars in equity and a debt close to 6.9 billion dollars. On that date, LATAM Airlines Group S.A. will deliver the shares and convertible bonds to shareholders and creditors as appropriate and will pay certain obligations such as the Junior DIP and other fees as established in the Plan of Reorganization,” said a note released by the company.

This week, the airline provided the details of its exit financing and announced that it expected to emerge from chapter 11 during the first week of November.