Latam Airlines Wins Court Approval to Exit Chapter 11 Bankruptcy

Latam Airlines Group SA won court approval of its plan to exit bankruptcy.

U.S. Bankruptcy Judge James Garrity signed off on the plan in a written decision Saturday. The Chilean carrier entered Chapter 11 protection in New York more than two years ago, one of the largest bankruptcies of the Covid-19 pandemic.

The plan calls for raising some $5 billion by issuing convertible notes and shares to its creditors and shareholders so it can exit bankruptcy. A group of investment funds led by SVPGlobal, Sculptor Capital Management and Sixth Street Partners would ultimately own Latam Airlines under the deal. ...