The Associated Press
Chief Executive Roberto Alvo said Latam was profitable before the pandemic brought most of the world's flights to a halt, but is now facing a “collapse in global demand.” Air travel has plunged to a fraction of the levels it was just months ago as the virus spread from China to countries around the globe, prompting growing alarm in the aviation industry. The International Air Transport Association last month predicted that' revenue from hauling passengers would drop $314 billion this year, meaning they could bring in less than half of what they did in 2019.
The airline had more than 340 planes in its fleet and nearly 42,000 employees on its payroll, according to its more recent annual report. It reported a profit of $190 million in 2019. Latam reached a deal to sell a 20% stake to Delta Air Lines for $1.9 billion last year. Its announcement Tuesday made no mention of the Atlanta-based airline.
This is the 3rd airline bankruptcy due to covid. First it was Virgin Australia then allowed by Columbia's Avianca.
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