LATAM is also the second major Latin American airline that filed for bankruptcy after the world's second oldest airline and the second largest in the region, Avianca, has filed for the same.
In a report from Reuters, LATAM posted profits for the last four consecutive years totaling more than $700 million (567.7 million pounds). LATAM had also approved a dividend payment this year, in contrast to other carriers that have halted payouts.
The chapter 11 proceedings allow LATAM to continue operations as the airline undergoes restructuring to pay-off its debt.
LATAM is a major brand for South Americans, dominating international air travel in the region, as well as a leading domestic flight operator in Brazil, Colombia, Chile, Argentina, Peru and Ecuador.
The airlines was founded in 2012 through a merger between Chile’s LAN and Brazil’s TAM, spawning a carrier with large aircraft order books and major exposure to Latin America’s top economy as it went through its worst recession on record.
0 Comments