LATAM Airlines Group SA stated on Tuesday that the company, as well as its subsidiaries in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection in the U.S. after the coronavirus pandemic grounded flights across the region.
The group asserted that the flights will be operated as normal, but on a reduced schedule, while it has up to $900 million for a bankruptcy loan from shareholders including the Cuetos, the Amaro family and Qatar Airways.
However, the group said that its subsidiaries in Argentina, Brazil and Paraguay were not included in the bankruptcy filing.
LATAM Airlines Group S.A. is an airline holding company headquartered in Santiago, Chile. It is considered the largest airline in Latin America with subsidiaries in Argentina, Brazil, Colombia, Ecuador, Paraguay and Peru.