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LATAM Airlines says it will exit bankruptcy on Nov. 3

Reuters
·1 min read
FILE PHOTO: A passenger plane arrives at the Arturo Merino Benitez International Airport in Santiago

SANTIAGO (Reuters) - LATAM Airlines, the biggest carrier in Latin America, said it plans to conclude its exit from bankruptcy on Nov. 3.

"This process will allow the group to emerge more agile, with a more competitive cost structure, adequate liquidity to face the future, with approximately $10.3 billion in equity, and close to $6.9 billion in debt," the company said in a statement late on Friday.

LATAM filed for Chapter 11 in 2020 after airline travel was hammered during the pandemic, and it won court approval that June.

The reorganization plan would inject about $8 billion into the airline through a combination of capital increase, issue of convertible bonds and new debt.

(Reporting by Natalia Ramos; Editing by David Gregorio)