LATAM Airlines adds US$1.3 billion to bankruptcy financing proposal, Brazil unit seeks protection

LATAM Airlines, the largest airline group in Latin America, said Thursday it had secured an additional US$1.3 billion for its financing proposal before a New York bankruptcy court, while adding its unit in Brazil to the debt restructuring process.

FILE PHOTO: A passenger plane arrives during a general quarantine amid the spread of the coronavirus disease , at the Arturo Merino Benitez International Airport, in Santiago, Chile May 26, 2020. REUTERS/Ivan AlvaradoSANTIAGO: LATAM Airlines, the largest airline group in Latin America, said Thursday it had secured an additional US$1.3 billion for its financing proposal before a New York bankruptcy court, while adding its unit in Brazil to the debt restructuring process.

LATAM filed for U.S. bankruptcy protection in May, aiming to reorder US$18 billion in debt. It was the world's largest airline to date to seek an emergency reorganization due to the coronavirus pandemic.On Thursday, it said it had secured an additional US$1.3 billion in funding from Oaktree Capital Management L.P. and its affiliates, enough to meet the company´s financing requirements amid the crisis.

The company said the proposal still required approval from the U.S. court. LATAM also announced it would add its unit in Brazil to the bankruptcy protection process in the United States. The airline's affiliates in Chile, Colombia, Peru, Ecuador and the United States joined the Chapter 11 process following the company´s initial bankruptcy announcement May.

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