LATAM Airlines Group SA filed for U.S. bankruptcy protection on Tuesday, becoming the largest carrier to seek an emergency reorganization amid the coronavirus crisis.
) filed for U.S. bankruptcy protection on Tuesday, becoming the largest carrier to seek an emergency reorganization amid the coronavirus crisis.
But unlike Avianca, Chile’s LATAM posted profits for four consecutive years totaling more than $700 million. It had recently approved a dividend payment.“We have implemented a series of difficult measures to mitigate the impact of this unprecedented industry disruption, but ultimately this path represents the best option,” CEO Roberto Alvo said in a statement regarding the filing.
LATAM will continue to fly while it is in bankruptcy protection. Its affiliates in Argentina, Brazil and Paraguay were not included in the Chapter 11 filing. Delta Air Lines Inc last year paid $1.9 billion for a 20% stake during better times for the industry.
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