The LATAM Group, the main airline group in Latin America, introduced that it accomplished its restructuring course of in america.
The air firm entered voluntarily in Might 2020 to cut back its debt, entry new sources of financing, and rework its enterprise in response to the worldwide pandemic. Having maintained its management place and achieved vital value financial savings, LATAM has emerged from the reorganization as a extra environment friendly group with a contemporary fleet, essentially the most intensive community of connections in South America, and the most important loyalty program on the continent.
LATAM Airways completes its exit from Chapter 11 chapter proceedings and ends with a liquidity of $2.2 billion.
“At the moment marks a big milestone for LATAM. We’re happy as a result of we now have accomplished a big transformation and have emerged from our restructuring course of,” mentioned Roberto Alvo, CEO of LATAM Airways Group.
He added that they’ve a community of 30,000 staff and rising connectivity in Latin America and North America.
LATAM Airways reached 144 locations in 22 international locations and is predicted to shut the yr with a worldwide operation extra excellent than 85 p.c in comparison with 2019. As well as, the airline closed agreements with Airbus to accumulate 87 A320neo household plane by 2029.
Additionally, LATAM Cargo and its cargo subsidiaries are amid an enlargement plan that can permit them to extend their respective fleets.
On November 15, the Extraordinary Shareholders’ Assembly will probably be held to resume LATAM Airways’ Board of Administrators.
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