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  4. LATAM Airlines says almost all creditors support reorganization plan
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LATAM Airlines says almost all creditors support reorganization plan

SANTIAGO (Reuters) - LATAM Airlines (OTC:LTMAQ) Group SA, the largest air transport group in Latin America, said on Wednesday that it garnered support from almost all of its...
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LATAM Airlines says almost all creditors support reorganization plan © Reuters. A LATAM Airlines Brasil Airbus A319-100 plane takes off from Congonhas airport in Sao Paulo, Brazil September 11, 2017. REUTERS/Paulo Whitaker

SANTIAGO (Reuters) - LATAM Airlines (OTC:LTMAQ) Group SA, the largest air transport group in Latin America, said on Wednesday that it garnered support from almost all of its creditors for a reorganization plan that the company is taking before a U.S. court.

The airline said that the agreement was presented to a Manhattan bankruptcy court that is handling its Chapter 11 bankruptcy case, which it filed for in May 2020 due to the impact of the COVID-19 pandemic on its operations.

The agreement includes bondholders in Chile, the Official Committee of Valista Creditors (UCC), the Ad Hoc group of LATAM creditors (led by Sixth Street, Strategic Value Partners and Sculptor Capital) and the main shareholders, the company said in a statement.

"The agreement will allow the creditors who choose to receive the Class A Convertible Bonds or the Class C Convertible Bonds contemplated in the Reorganization Plan, to improve their recovery through an additional cash payment," it said.

The firm had presented the plan, diluting shares, in November last year.

The hearing is scheduled for May 17 at which LATAM’s lawyers will ask U.S. Bankruptcy Judge James Garrity to approve the proposal. The plan proposes an $8.19 billion infusion through a mix of new equity, convertible notes and debt.

(Report by Fabián Andrés Cambero; Writing by Alexander Villegas; Editing by Alison Williams)

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31-03-2024 10:19:50 (UTC+7)

EUR/USD

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EUR/USD

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 EUR/USD1.0793Sell
 GBP/USD1.2624Sell
 USD/JPY151.38↑ Buy
 AUD/USD0.6522Sell
 USD/CAD1.3543Buy
 EUR/JPY163.37↑ Sell
 EUR/CHF0.9738↑ Buy
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
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 Adidas207.00↑ Buy
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Cập nhật 31-03-2024 10:19:52
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EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 10:12:31 31/03/2024
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