LATAM Airlines Group’s Voluntary Reorganization And Restructuring

Cleary Gottlieb Steen & Hamilton represented LATAM Airlines Group S.A. and its affiliates in Chile, Peru, Colombia, Ecuador and the United States in the voluntary reorganization and restructuring of their debt under Chapter 11 protection in the U.S.

LATAM has secured financial support from two of the group’s largest shareholders, Costa Verde Aeronautica S.A. (the holding company of the Cueto family) and Qatar Airways, which have agreed to provide up to $900 million in debtor-in-possession financing.

Under the Chapter 11 financial reorganization process, LATAM and its affiliates will have the opportunity to resize their operations to the new demand environment, given the effects of COVID-19, and reorganize their balance sheets. The group will continue passenger and cargo operations as conditions permit throughout the process.

LATAM Airlines Group S.A. (NYSE: LTM; SP IPSA: LTM) is Latin America’s leading airline group with one of the largest route networks in the world.

The Cleary team representing LATAM was led by partners Jeff Lewis (Picture), Rich Cooper, Lisa Schweitzer and Luke Barefoot and senior attorneys Kara Hailey and Carina Wallance.

Involved fees earner: Luke Barefoot – Cleary Gottlieb Steen & Hamilton; Richard Cooper – Cleary Gottlieb Steen & Hamilton; Kara Hailey – Cleary Gottlieb Steen & Hamilton; Jeffrey Lewis – Cleary Gottlieb Steen & Hamilton; Lisa Schweitzer – Cleary Gottlieb Steen & Hamilton; Carina Wallance – Cleary Gottlieb Steen & Hamilton;

Law Firms: Cleary Gottlieb Steen & Hamilton;

Clients: LATAM Airlines Group S.A.;

Author: Ambrogio Visconti