1 JUNE 2020

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Article from BTNews 1 JUNE 2020

LATAM into Chapter 11

It is not the first South American airline to seek a way out of its obligations, that was Avianca (see BTN 18 May), but LATAM has taken Chapter 11 protection in the United States with the support of the Cueto and Amaro families and Qatar Airways, major largest shareholders of the airline.

In the past several major American airlines have taken the same route after financial problems, including American, Delta and United, all (pre-Covid-19) now profitable airlines. Car rental giant Hertz has filed for Chapter 11 bankruptcy protection in the US after 102 years of trading. (See BTN 25 May)

In a statement the airline notes: “LATAM Airlines Group SA and its affiliates will continue to operate passenger and cargo flights, subject to demand and travel restrictions.

All current and future tickets, travel vouchers and frequent flyer miles and benefits, as well as flexibility policies, will be honoured.

The group’s employees will continue to be paid and receive benefits as provided in their employment agreements.

Suppliers will be paid in a timely fashion for goods and services delivered from 26 May 2020 forward and throughout this process.

Travel agencies and other commercial partners will experience no disruption in their interactions with the LATAM group”.

www.latam.com

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