South America's biggest airline sought Chapter 11 bankruptcy protection Tuesday as it grapples with the sharp downturn in air travel sparked by the coronavirus pandemic.
BANGKOK -- Latam Airlines, South America's biggest carrier, sought U.S. bankruptcy protection Tuesday as it grapples with a sharp downturn in air travel sparked by the coronavirus pandemic.
"We are looking ahead to a post-COVID-19 future and are focused on transforming our group to adapt to a new and evolving way of flying, with the health and safety of our passengers and employees being paramount," he said in a statement announcing the bankruptcy filing. Latam's move comes little more than two weeks after another major Latin American airline, Avianca Holdings, filed for bankruptcy protection in New York. Australia's second-largest carrier, Virgin Australia, sought bankruptcy in its home market last month.
Latam is South America's largest carrier by passenger traffic. It operated more than 1,300 flights a day and transported 74 million passengers last year. Those three shareholders have agreed to provide up to $900 million in financing as Latam makes its way through the bankruptcy process. It currently has $1.3 billion on hand, it said.
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