LATAM, files for Chapter 11

Issued on 27 May 20

LATAM Airlines Group, the largest carrier in Latin America, filed for Chapter 11 bankruptcy on Tuesday, according to a statement released on its website. Reservations, employee pay, flight vouchers as well as passenger and cargo operations will not be affected, according to the statement. The voluntary reorganization will include LATAM's affiliates in Chile, Peru, Colombia, Ecuador and the United States.

This is the second major airlines in the region to file for bankruptcy in the month of May. Colombia-based Avianca filed for bankruptcy in the US Southern District of New York after facing coronavirus-related financial problems.

Before the outbreak, South American Airlines flew 145 destinations in 26 countries around the world and operated about 1,400 flights daily. Global air traffic has almost stopped due to the epidemic. South American Airlines is the latest victim. Both Colombian Airlines (Avianca) and Virgin Australia have applied for bankruptcy protection in an attempt to restructure their debts.

In Germany, the government decided on Monday to spend 9 billion euros to rescue Lufthansa, the largest corporate bail-out case in Germany since the outbreak, with the aim of retaining tens of thousands of jobs. According to the agreement, the government will acquire 20% equity. However, this move still requires the approval of the European Commission and the consent of Lufthansa shareholders.


这是5月份该地区第二家申请破产的大型航空公司。哥伦比亚的阿维安卡(Avianca)面临与冠状病毒相关的财务问题后,在纽约美国南区申请破产。 疫情爆发前,南美航空共飞往世界26个国家/地区的145个目的地,每天运营约1,400班次。由于这一流行,全球空中交通几乎停止了。南美航空公司是最新的受害者。哥伦比亚航空公司(Avianca)和维珍澳大利亚航空均已申请破产保护,以试图重组其债务。


在疫情爆发前,南美航空飞行全球二十六个国家一百四十五个目的地,每天营运约一千四百架航班。全球空中交通因为疫情几乎停摆,南美航空是最新一个受害者,哥伦比亚航班(Avianca)和维珍澳洲航空(Virgin Australia)都已申请破产保护,试图进行债务重整。


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