Investam-HK: LATAM Latin America's largest air carrier just filed bankruptcy
The coronavirus pandemic has wounded many businesses around the globe, scratching every economy worldwide to almost a downfall.
By: Investam HK Limited
One business just made its consequential announcement this day. LATAM Airlines Group, the largest air carrier in Latin America, has just filed for bankruptcy in most part due to the Covid-19 pandemic and they've announced via statement in their website.
In the statement it says, 'The U.S. Chapter 11 financial reorganization process provides a clear and guided opportunity to work with our creditors and other stakeholders to reduce our debt, address commercial challenges that we, like others in our industry, are facing as a group. It is very different from the concept of bankruptcy in other countries and is not a liquidation proceeding.'
They mentioned that they are planning to rearrange their company's operations via U.S. chapter 11 bankruptcy protections.
"Our group has shared our journey with the people of Latin America, thriving in times of growth and pulling together to overcome times of adversity. LATAM will emerge from this process a more efficient, resilient, and ultimately strengthened airline group that is better placed to serve Latin America."
Though they may have filed for bankruptcy, LATAM CEO Roberto Alvo said that the company will focus "on transforming our group to adapt to a new and evolving way of flying, with the health and safety of our passengers and employees being paramount." In this way they will not just help their passengers to adapt the new normal but also their employees will benefit from it.
Alvo also reiterate that reservations, employee pay, flight vouchers, and passenger and cargo operations will not be impacted.
To date, LATAM is the second major airline that has filed bankruptcy in the said region.
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