Latam arranges loans needed to exit bankruptcy

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Latam was one of the first global airlines to enter into bankruptcy after the Covid-19 pandemic began.
Latam was one of the first global airlines to enter into bankruptcy after the Covid-19 pandemic began. Photo Credit: Latam

South America's Latam Airlines, in Chapter 11 bankruptcy since May 2020, has lined up loans of $2.25 billion as it works to emerge from restructuring during the second half of the year. 

In addition, Latam has secured $500 million in revolving credit. 

The carrier said it has signed debt-commitment letters with JP Morgan Chase, Goldman Sachs, Barclays, BNP Paribas and Natixis. 

"This commitment secures us the full amount of financing required to complete our restructuring plan and, very importantly, with a degree of flexibility that allows us to optimize existing market conditions," the carrier said. 

Latam was one of the first global airlines to enter into bankruptcy after the Covid-19 pandemic began. It has continued operations during the restructuring process. 

Latam's largest shareholders are Delta Air Lines, Qatar Airways and Chile's Cueto family. Delta now owns 10% of its South American partner. 

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