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Latam Airlines Group SA received approval of the modified funding proposal for DIP (Debtor in Possession) funding filed on September 17, 2020 in the Southern District Court of New York.
The decision of Judge James L. Garrity Jr. allows the group to access the US $ 2.45 billion required to face the impact of the coronavirus.
About, the CEO of Latam Airlines Group, Roberto Alvo stated that “the approval of the DIP is a very significant step for the group’s sustainability and we appreciate the broad interest and trust in what LATAM has built and in our long-term project. Now we begin a new stage which is to present our reorganization plan within the Chapter 11 process ”.
On May 26, Latam and its subsidiaries in Chile, Colombia, Ecuador, the United States and Peru took advantage of this process after the serious consequences of the COVID-19 pandemic. Last July, the Brazilian subsidiary accepted this process.
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