NEW YORK, May 27 — Latam Airlines Group, the continent's largest carrier, filed for US bankruptcy protection yesterday, becoming the world's largest carrier so far to seek an emergency reorganisation due to the coronavirus pandemic. The filing highlights the financial weakness of Latin America's...
Wednesday, 27 May 2020 11:11 AM MYT
The filing highlights the financial weakness of Latin America's carriers, following a similar bankruptcy earlier this month by the region's No. 2 airline, Avianca Holdings . Chile's finance ministry said in as statement Latam is a “strategic company for Chile” and that the government would “consider” how it could contribute to Latam's restructuring, but it did not offer a bailout.
The airline's CEO for Brazil Jerome Cadier told Reuters yesterday evening that Latam would rather not go through a separate bankruptcy filing in Brazil. “We remain firmly committed to our partnership with Latam and believe that it will successfully emerge a stronger airline and Delta partner for the long term,” Delta CEO Ed Bastian said in a statement.
In addition to Brazil, subsidiaries in Argentina and Paraguay are also not part of the bankruptcy process.
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