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Bankruptcy Court USA approvaló el Plan de Reorganizationón presented by LATAM Airlines in the context of its reorganization procedureón under the Capíleakage 11.
LATAM Airlines Group and its subsidiaries in Brazil, Chile, Colombia, Ecuador, Perú and USA announced that New York approvedó the plan presented, backed by almost all LATAM creditors, the Plan is the result of months of negotiations between the main stakeholders, which I consideredó even an extended period of mediationón. The Plan complies with US legal requirements. and Chile. The confirmation orderón issued today by the US Court. represents the úlast milestone in the United States of the Cap processíleakage 11 initiated by LATAM to ensure its long-term sustainability.
“We are very satisfied with the confirmationójudge's opinion of our restructuring planón. This is a very important step in the process to get out of capíleakage 11 and we will continue to work intensively to complete the remaining steps during the next few years.ówe cry months”, Robert Alvo said, CEO de LATAM Airlines Group S.A.
LATAM now focuses on the conclusionón of the pending stages in Chile, including the Extraordinary Shareholders' Meeting to approve the new capital structure, the registration of shares and convertible bonds in the Comisión of the Financial Market (CMF) and the Preemptive Rights Offer, those to beán offered in accordance with the law on a preferential basis to all shareholders who want to participate in the new capital structure and thusí avoid the consequences of dilutionón of property that entails the capital increase that is contemplated.
Once it's effective, LATAM Plan injectá approximately US$8 billion throughés of a combinationón of capital increase, It's emissionsón of convertible bonds and new debt. This includes the US$5.4 billion of financing backed by major shareholders (Delta Air Lines, Qatar Airways and Cueto Group) and the main creditors of LATAM (this is, the creditors represented by the ad hoc group of collateral creditors and certain local bondholders).
LATAM's exit from the Cap processíleakage 11 se prevé during the second half of 2022.
