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LatinNews Daily - 10 July 2020
In brief: Latam Brasil files for Chapter 11 bankruptcy
* Brazil-based airline Latam Brasil has announced that it has filed for bankruptcy protection in the US, joining the debt restructuring process of its parent company, Latam Airlines Group, as the coronavirus (Covid-19) pandemic continues to negatively affect the air travel industry. “Given that the external environment does still not show strong signs of recovery, adhering to Chapter 11 is the best option for Latam Airlines Brasil to gain access to new sources of financing and to strengthen our leading position in the air travel industry”, the airline notes in a statement. Jerome Cadier, CEO of Latam Brasil, added that this process could facilitate access to financing from Brazil’s state-owned development bank (Bndes), currently under discussion. The airline has said that its flights and operations will not be affected.
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