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Latin America’s Largest Airline Seeks Brazil Unit Bankruptcy (1)

July 9, 2020, 7:12 AM

Latam Airlines Group SA sought bankruptcy protection for its Brazil unit in New York, according to a company statement, becoming the latest in a string of Latin American air carriers to succumb to an unprecedented downturn in travel caused by the Covid-19 pandemic.

Other units of the Santiago-based company entered bankruptcy protection in May. Latam is one of the leading carriers in Brazil.

Latam also announced it received an additional $1.3 billion in debtor-in-possession financing commitments from Oaktree Capital Management LP and affiliates, which is subject to court approval. The carrier already had some $900 million in debtor-in-possession financing...

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