LATAM files for U.S. bankruptcy protection

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.

Source: Reuters