Latin America’s largest airline LATAM Airlines Group SA said the company and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection in the U.S. Delta Air Lines Inc is the biggest shareholder in LATAM, having last year paid $1.9 billion for a 20% stake before the pandemic. LATAM had also secured funding from other major shareholders, including the Cueto and Amaro families and Qatar Airways, to provide up to $900 million in debtor-in-possession financing.
According to a report published by the Civil Aeronautics Board (JAC) of the Ministry of Transport and Telecommunications, a 94.5% drop in the air traffic of passengers and national and international cargo was recorded in April compared to the same period last year. In March, of the total 1,378,894 passengers, 100,321 were transported within Chile, which is equivalent to a decrease of 91.2% compared to the same month in 2019.
According to the Central Bank of Chile's report on Foreign Trade Indicators Chilean exports totaled US $16,890 million in the first quarter of 2020, a drop of 7.5% compared to the same period last year. In exports, agriculture was the sector that registered the greatest drop, with 11.8%, followed by industry (11.3%) and mining (3.4%).
The Ministry of Labour will deliver a new balance sheet of the Employment Protection Act. The figure will amount to just over 555,000 people who have already accepted the law, representing a total of 92,204 companies. This represents a 10.2% increase over last week's report when the 500,000 barrier was broken. This is similar to last week when the cover for workers rose by 9.7% and for companies increased by 7.1%.
New home sales plummeted 47% in the first quarter, as a result of a 56% decrease in apartment marketing and 14% in home marketing in the Metropolitan Region. As a consequence of the social outbreak and the subsequent health crisis, this is affecting people's purchasing decisions. This has led real estate companies to activate commercial plans and strategies to attract buyers to alleviate the effects of the pandemic.