South American Giant Latam Airlines Files for Bankruptcy Protection
Latam Airlines Group (NYSE: LTM) has filed for Chapter 11 protection in New York as South America's largest carrier tries to work through a drop in demand caused by the COVID-19 pandemic.
Latam is based in Chile but has affiliates in Brazil, Paraguay, and Argentina. The airline said it has received $900 million in debtor-in-possession financing, funds that allow it to sustain operations while in bankruptcy, from existing shareholders the Cuetos and Amaro families, as well as from Qatar Airways.
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Source Fool.com
