June 18 (Reuters) – A U.S. courtroom has accredited LATAM Airways Group SA’s (LTM.SN) chapter reorganization plan, the area’s largest air transport group stated on Saturday.
The U.S. chapter courtroom for the southern district of New York accredited the plan for a restructuring beneath Chapter 11 of the U.S. chapter code, the airline stated, including it hoped to emerge from chapter safety within the 12 months’s second half.
Its plan will inject about $8 billion via a mixture of capital enhance, concern of convertible bonds, and the brand new debt.
Born in 2012 from the merger of Chile’s LAN with Brazilian rival TAM, LATAM filed for chapter safety two years in the past in the US due to the fallout of pandemic curbs.
Reporting by Akanksha Khushi in Bengaluru; Modifying by William Mallard and Clarence Fernandez