LATAM Airlines, the largest airline group in Latin America, said Thursday it had secured an additional $1.3 billion for its financing proposal before a New York bankruptcy court, while adding its unit in Brazil to the debt restructuring process.
LATAM filed for U.S. bankruptcy protection in May, aiming to reorder $18 billion in debt. It was the world’s largest airline to date to seek an emergency reorganization due to the coronavirus pandemic.
The company said the proposal still required approval from the U.S. court. LATAM also announced it would add its unit in Brazil to the bankruptcy protection process in the United States, calling the move a “natural step in light of the continuing COVID-19 pandemic.”
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