The LATAM Group, the leading airline group in Latin America, announced that it completed its restructuring process in the United States.
The air company entered voluntarily in May 2020 to reduce its debt, access new sources of financing, and transform its business in response to the global pandemic. Having maintained its leadership position and achieved significant cost savings, LATAM has emerged from the reorganization as a more efficient group with a modern fleet, the most extensive network of connections in South America, and the largest loyalty program on the continent.
LATAM Airlines completes its exit from Chapter 11 bankruptcy proceedings and ends with a liquidity of $2.2 billion.
"Today marks a significant milestone for LATAM. We are pleased because we have completed a significant transformation and have emerged from our restructuring process," said Roberto Alvo, CEO of LATAM Airlines Group.
He added that they have a network of 30,000 employees and growing connectivity in Latin America and North America.
LATAM Airlines reached 144 destinations in 22 countries and is expected to close the year with a global operation more outstanding than 85 percent compared to 2019. In addition, the airline closed agreements with Airbus to acquire 87 A320neo family aircraft through 2029.
Also, LATAM Cargo and its cargo subsidiaries are amid an expansion plan that will allow them to increase their respective fleets.
On November 15, the Extraordinary Shareholders' Meeting will be held to renew LATAM Airlines' Board of Directors.
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