Latin America’s largest airline LATAM Airlines says it and its affiliates in Chile, Peru, Colombia, Ecuador and the US have filed for Chapter 11 bankruptcy protection in the United States.
LATAM is the latest corporate victim of the coronavirus pandemic that has brought a virtual halt to air travel, joining Colombia’s Avianca and Australia’s Virgin Australia in bankruptcy protection as it seeks to restructure its debt.
“We have implemented a series of difficult measures to mitigate the impact of this unprecedented industry disruption, but ultimately this path represents the best option,” LATAM Chief Executive Officer Roberto Alvo said in a statement.
The airline will continue to fly while it is in bankruptcy protection and its affiliates in Argentina, Brazil and Paraguay were not included in the Chapter 11 filing. LATAM is a code share partner of Qantas on flights to and from Latin America.