South American Airline Latest To Hit Ch. 11 In COVID-19 Crisis

Law360 (May 26, 2020, 11:23 AM EDT) -- South American airline LATAM Airlines Group SA filed for Chapter 11 protection Tuesday in New York, saying the COVID-19 outbreak had reversed its growth trend and left it unable to make payment obligations on its $7.1 billion of debt.

In its initial court filings, LATAM said the travel restrictions imposed by governments across the globe caused its passenger numbers to drop dramatically in March and April and left the airline operating just 4% of its normal routes.

"LATAM entered the COVID-19 pandemic as a healthy and profitable airline group, yet exceptional circumstances have led to a collapse in global demand and...

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