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LATAM Airlines shareholders approve reorganization plan

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July 5, 2022 7:14 PM EDT

FILE PHOTO: A LATAM Airlines plane carrying a shipment of the Sinovac coronavirus disease (COVID-19) vaccine arrives at Carrasco Airport in Montevideo, Uruguay February 25, 2021. REUTERS/Mariana Greif

SANTIAGO (Reuters) - Shareholders of LATAM Airlines, Latin America's largest air transport group, approved Tuesday a bankruptcy reorganization plan, following last month's approval by the U.S. bankruptcy court for the southern district of New York.

The plan will inject about $8 billion through a combination of capital increase, issue of convertible bonds, and new debt.

"Beyond being a requirement to exit Chapter 11, the plan is our strategy to ensure LATAM's operational continuity and long-term sustainability," said the company's CEO, Roberto Alvo, during the meeting.

Born in 2012 from the merger of Chile's LAN with Brazilian rival TAM, LATAM filed for bankruptcy protection two years ago in the United States because of the fallout of pandemic restrictions.

LATAM has said it hopes to emerge from bankruptcy protection in the year's second half.

(Reporting by Fabian Cambero; Writing by Carolina Pulice; Editing by Aurora Ellis)


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