The LATAM airline, the largest in Latin America, announced
that it requested the protection of the bankruptcy law of the United States as
a "voluntary process of reorganization and restructuring of its
debt."
The decision is given as an emerging measure given the
damage to the airline's finances, born from the merger of the Chilean LAN with
the Brazilian TAM in 2012, which has left the cancellation of flights due to
the pandemic of the new coronavirus.
"In light of the unprecedented impact that covid-19 has
generated in the global aviation industry, this reorganization process provides
LATAM with an opportunity to work with the group's creditors, and other
stakeholders, to reduce its debt and obtain new sources of financing, giving it
the tools to transform the group according to this new reality, "the
airline said in a statement.
However, both LATAM and its subsidiaries will continue to
fly as this process is resolved.
"All current and future tickets will be honored, as
well as travel vouchers, frequent flyer miles and benefits, and flexibility
policies," the company promised.
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