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LATAM Airlines obtains approval on second try for key $2.45 billion loan package – Metro US

LATAM Airlines obtains approval on second try for key $2.45 billion loan package

Outbreak of the coronavirus disease (COVID-19) in Santiago
Outbreak of the coronavirus disease (COVID-19) in Santiago

SANTIAGO (Reuters) – LATAM Airlines on Friday said it had obtained approval on its second try of a crucial $2.45 billion bankruptcy loan to take the airline out of Chapter 11 restructuring, after having its first package rejected by a judge last week.

The judge rejected the initial plan due to a convertible loan that he concluded was too beneficial to the airline’s current shareholders. The new package was similar, but did not include the convertible loan.

(Reporting by Fabian Cambero)

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