The plan that Latam must present in the United States must include a reorganization program to transform the group. The global aviation industry believes that recovering the pre-Covid-19 demand will take years and in Latam they coincide. Therefore, they must adjust their size to another world. There is already talk of a Latam that will be 70% of what it was before the pandemic.
Shares of Latam Airlines, the largest air transport group in Latin America, sank 36% on the Santiago Stock Exchange, after announcing that they will undergo a reorganization process in the U.S. The airline's shares fell to a price of CH$1,280.0. At the start of its listing at noon, by agreement of the stock exchanges, the company's shares fell by 51%.
Latam Airlines suspended the payment of dividends corresponding to the 2019 financial year, which were scheduled to be paid on May 28. This was done as part of the voluntary process of reorganization and debt restructuring to which the airline's subsidiaries in Chile, Colombia, Ecuador and the U.S. were subject under Chapter 11 of the U.S. Bankruptcy Law.
TerraForm Power Inc. shares jumped 3.77% to close at $19.01 on May 26. About 579,485 shares traded hands on 6,582 trades for the day, compared with an average daily volume of n/a shares out of a total float of 226.52 million. After opening the trading day at $18.89, shares of TerraForm Power Inc. stayed within a range of $19.23 to $18.72.
Tesoro Resources has announced further assay results from the Ternera prospect at its El Zorro gold project in Chile, with the recovery of wide high-grade intercepts continuing to extend the gold mineralisation. Results from a further three holes drilled at the prospect, have returned wide gold zones and confirmed mineralisation of multiple CC faults from surface to more than 150m downhole.