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SANTIAGO, July 5 (Reuters) – Shareholders of LATAM Airlines (LTM.SN), Latin America’s major air transportation team, authorized Tuesday a bankruptcy reorganization plan, pursuing final month’s acceptance by the U.S. personal bankruptcy court for the southern district of New York.
The strategy will inject about $8 billion by way of a blend of capital enhance, issue of convertible bonds, and new debt.
“Beyond being a requirement to exit Chapter 11, the approach is our approach to assure LATAM’s operational continuity and prolonged-time period sustainability,” said the company’s CEO, Roberto Alvo, throughout the assembly.
Born in 2012 from the merger of Chile’s LAN with Brazilian rival TAM, LATAM filed for individual bankruptcy defense two yrs in the past in the United States because of the fallout of pandemic restrictions.
LATAM has reported it hopes to arise from personal bankruptcy protection in the year’s second 50 percent.
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Reporting by Fabian Cambero Producing by Carolina Pulice Enhancing by Aurora Ellis
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