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LATAM Airlines' Branches Go Bankrupt |
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Monday, June 1, 2020
New York.- The air transport group LATAM Airlines and its branches in Chile, Colombia, Ecuador, Peru and the United States have applied for the bankruptcy law in the US.
Company executives pointed out that this measure responds to the intention of honoring commitments to its employees, meeting their obligations and paying suppliers.
It is worth mentioning that the operations will continue, while the branches in Argentina, Brazil and Paraguay did not take advantage of Chapter 11 of said regulation.
Currently, Delta Airlines is the largest shareholder of LATAM, after buying 20 percent of shares last year for 1.9 billion dollars.
The airline has a liquidity of nearly 1.3 billion dollars, in addition to ensuring the financial support of its shareholders.
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