U.S. bankruptcy court dismisses LATAM creditors’ petition

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LATAM secures additional $ 750 million in bankruptcy exit funding

29.09.2021 – 21:24 UTC

LATAM Airlines Group announced that it has secured additional financing proposals totaling $ 750 million from a financial group consisting of Oaktree Capital Management LP, Apollo Management Holdings LP and certain funds, accounts and entities advised by them.

In an investor notice, the group said the deal was still subject to approval by the New York Southern District bankruptcy court. LATAM Airlines Group and its subsidiaries in Chile, Colombia, Ecuador, United States, Peru and Brazil filed for voluntary protection under United States Chapter 11 on May 26, 2020, after the severe consequences of the COVID-19 pandemic.

The company has indicated that this additional debtor-in-owner Tranche B (DIP) financing would be available at more competitive rates and conditions than those obtained for its existing tranches (Tranches A and C), allowing the group to improve its cost. financing while under Chapter 11 bankruptcy protection. LATAM already has access to $ 2.45 billion of DIP funding under the first two tranches, of which it has drawn $ 1.65 billion to date.

The resulting DIP …


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