This site uses cookies. By accepting cookies you can optimise your browsing experience. Read more.
Chile: LATAM Airlines files bankruptcy protection as travel plunges amid virus outbreak01:15

Chile: LATAM Airlines files bankruptcy protection as travel plunges amid virus outbreak

Chile, Santiago
May 27, 2020 at 10:14 GMT -00:00 · Published

Latam Airlines, the largest airline in Latin America, announced on Tuesday through its CEO Roberto Alvo that it has begun "a voluntary process of reorganisation and restructuring of its debt under the protection of US Chapter 11.”

The company's statement said that this decision was taken due to the "unprecedented impact" of the coronavirus on the aviation industry.

Alvo specified that various measures were taken in an attempt to reduce the effects of the pandemic on the company's flights, but falling demand and revenues shifted the balance toward financial reorganisation to try to reduce the airline's debt and secure other sources of funding.

“During this process, the group's operations will continue in the usual way and this decision will not affect our measures to resume operations without skimping on any effort to comply with the highest security standards that characterise us,” said the CEO, speaking from Santiago.

The LATAM Airlines Group S.A. entities included in the bankruptcy reorganisation request include those in Chile, Peru, Colombia, Ecuador and the United States, but not those in Argentina, Brazil and Paraguay.

Chile: LATAM Airlines files bankruptcy protection as travel plunges amid virus outbreak01:15
Pool for subscribers only
No Account? Sign up!
Description

Latam Airlines, the largest airline in Latin America, announced on Tuesday through its CEO Roberto Alvo that it has begun "a voluntary process of reorganisation and restructuring of its debt under the protection of US Chapter 11.”

The company's statement said that this decision was taken due to the "unprecedented impact" of the coronavirus on the aviation industry.

Alvo specified that various measures were taken in an attempt to reduce the effects of the pandemic on the company's flights, but falling demand and revenues shifted the balance toward financial reorganisation to try to reduce the airline's debt and secure other sources of funding.

“During this process, the group's operations will continue in the usual way and this decision will not affect our measures to resume operations without skimping on any effort to comply with the highest security standards that characterise us,” said the CEO, speaking from Santiago.

The LATAM Airlines Group S.A. entities included in the bankruptcy reorganisation request include those in Chile, Peru, Colombia, Ecuador and the United States, but not those in Argentina, Brazil and Paraguay.

Top downloads in last 24 hours
Pool for subscribers only
01:32
German Shepherd becomes foster mother for lion cubsGerman Shepherd becomes foster mother for lion cubs
September 24, 2020 at 20:02 GMT -00:00
05:09
Japanese students build mask with screen that turns wearer's face into anime avatarJapanese students build mask with screen that turns wearer's face into anime avatar
September 24, 2020 at 19:01 GMT -00:00
02:31
Spain: Violence breaks out at Madrid rally against COVID restrictionsSpain: Violence breaks out at Madrid rally against COVID restrictions
September 24, 2020 at 22:29 GMT -00:00
02:23
Thailand: Thousands rally outside parliament as lawmakers delay decision on constitution changesThailand: Thousands rally outside parliament as lawmakers delay decision on constitution changes
September 24, 2020 at 19:51 GMT -00:00
01:57
France: Restaurant and bar owners throw down keys at protest over new COVID restrictions in ParisFrance: Restaurant and bar owners throw down keys at protest over new COVID restrictions in Paris
September 24, 2020 at 21:04 GMT -00:00
00:15
France: Several injured after stabbing attack near Charlie Hebdo former officeFrance: Several injured after stabbing attack near Charlie Hebdo former office
September 25, 2020 at 11:58 GMT -00:00
01:43
Syria: Protesters rally against US, Turkish army presence in Qamishli countrysideSyria: Protesters rally against US, Turkish army presence in Qamishli countryside
September 24, 2020 at 22:08 GMT -00:00
05:49
Chinese artist makes sculptures out of discarded tyresChinese artist makes sculptures out of discarded tyres
September 25, 2020 at 08:26 GMT -00:00
04:37
Greece: Migrants and animal welfare activists take care of stray cats and dogs at burned Moria campGreece: Migrants and animal welfare activists take care of stray cats and dogs at burned Moria camp
September 25, 2020 at 01:40 GMT -00:00
04:32
State-of-the-art cleaning robots make spotless debut at London stationState-of-the-art cleaning robots make spotless debut at London station
September 24, 2020 at 03:21 GMT -00:00
05:42
From 'better than CR7' to Polish 4th division - Former wonderkid Fabio Paim fights back to restart rollercoaster careerFrom 'better than CR7' to Polish 4th division - Former wonderkid Fabio Paim fights back to restart rollercoaster career
September 24, 2020 at 17:53 GMT -00:00
03:24
USA: Trump attacks 'furthest left' Kamala Harris in 'Great American Comeback'USA: Trump attacks 'furthest left' Kamala Harris in 'Great American Comeback'
September 25, 2020 at 05:25 GMT -00:00
03:01
Russia: Lavrov meets Zarif in Moscow for talks on JCPOA, Syria Russia: Lavrov meets Zarif in Moscow for talks on JCPOA, Syria
September 24, 2020 at 14:26 GMT -00:00
00:47
France: Two suspects arrested after stabbing attack near former Charlie Hebdo officeFrance: Two suspects arrested after stabbing attack near former Charlie Hebdo office
September 25, 2020 at 12:47 GMT -00:00
04:49
Russia: Nord Stream 2 is 'point of honour for Germany' - LavrovRussia: Nord Stream 2 is 'point of honour for Germany' - Lavrov
September 24, 2020 at 18:17 GMT -00:00
04:40
'World's loneliest elephant' Kaavan to find company in Cambodia'World's loneliest elephant' Kaavan to find company in Cambodia
September 25, 2020 at 05:54 GMT -00:00
00:32
Spain: Dramatic footage of heavy rain flooding Madrid metro tracks and exitSpain: Dramatic footage of heavy rain flooding Madrid metro tracks and exit
September 24, 2020 at 19:25 GMT -00:00
02:23
Germany: Over 100 firefighters battle Berlin church blazeGermany: Over 100 firefighters battle Berlin church blaze
September 24, 2020 at 15:30 GMT -00:00
02:30
USA: BLM protesters face off armed militia members in LouisvilleUSA: BLM protesters face off armed militia members in Louisville
September 25, 2020 at 03:08 GMT -00:00
View all videos