LATAM Airlines says it will exit bankruptcy on Nov. 3

LATAM Airlines, the biggest carrier in Latin America, said it plans to conclude its exit from bankruptcy on Nov. 3.

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"This process will allow the group to emerge more agile, with a more competitive cost structure, adequate liquidity to face the future, with approximately $10.3 billion in equity, and close to $6.9 billion in debt," the company said in a statement late on Friday.

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LATAM filed for Chapter 11 in 2020 after airline travel was hammered during the pandemic, and it won court approval that June.

The reorganization plan would inject about $8 billion into the airline through a combination of capital increase, issue of convertible bonds and new debt.

Source: Reuters

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