June 18 (Reuters) – A US court has approved the bankruptcy reorganization plan of LATAM Airlines Group SA (LTM.SN), the region’s largest airline said on Saturday.
The U.S. Bankruptcy Court for New York Southern District approved the plan for a restructuring under Chapter 11 of the U.S. Bankruptcy Code, the airline said, adding that it hoped to exit bankruptcy protection in the second half of the year.
Its plan will inject about $ 8 billion through a combination of equity growth, convertible bond issuance and new debt.
Born in 2012 from the merger of Chilean LAN with Brazilian rival TAM, LATAM filed for bankruptcy protection two years ago in the United States due to the consequences of pandemic containment.
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Reporting by Akanksha Khushi in Bengaluru; Edited by William Mallard and Clarence Fernandez
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