© Reuters. FILE PHOTO: A passenger aircraft arrives on the Arturo Merino Benitez Worldwide Airport in Santiago, Chile Could 26, 2020. REUTERS/Ivan Alvarado/File Picture
(Reuters) -A U.S. court docket has authorised LATAM Airways (OTC:) Group SA’s chapter reorganization plan, the area’s largest air transport group stated on Saturday.
The U.S. chapter court docket for the southern district of New York authorised the plan for a restructuring underneath Chapter 11 of the U.S. chapter code, the airline stated, including it hoped to emerge from chapter safety within the 12 months’s second half.
Its plan will inject about $8 billion via a mix of capital enhance, challenge of convertible bonds, and the brand new debt.
Born in 2012 from the merger of Chile’s LAN with Brazilian rival TAM, LATAM filed for chapter safety two years in the past in the US due to the fallout of pandemic curbs.
