LATAM Presents Reorganization Plan Including $8.2 Billion Capital Injection

LATAM Airlines Group and its subsidiaries in Brazil, Chile, Colombia, Ecuador, Peru and the U.S. announced the presentation of a reorganization plan, which outlines the group’s strategy to exit Chapter 11 bankruptcy in accordance with U.S. and Chilean legislation. In a press release, the Chilean carrier stated that the plan…

Cash-Strapped AirAsia Still Needs to Support Affiliates

AirAsia Group has announced a planned financial restructuring of its Thai businesses, which would include a capital infusion and a reorganization of its 45%-owned Thai AirAsia Co Ltd's holdings (TAA). The move is hardly surprising, given AirAsia had previously said that its affiliates will seek financial assistance from the nations…

Government Prepares to Takeover Garuda Indonesia Routes if it Declares…

Indonesian national carrier Garuda Indonesia may be forced into bankruptcy as it faces growing debts after months of financial difficulties due to the impact of Covid-19. The Indonesian government in response has prepared Pelita Air Service, a subsidiary of Indonesia's Pertamina, a state-owned oil giant, to take over domestic flights…

Amid Lawsuit, Interjet Faces Grim Future

After the Mexican low-cost carrier (LCC) Interjet announced that it will not be operating any flights from Dec. 18, the bad news keeps coming for the airline. As announced, Interjet doesn’t have the funds to pay for jet fuel and its employees are now owed over three months of unpaid…

Emirates To Receive $2 billion State Aid Package

In the midst of massive layoffs and reorganizations of aircraft orders, Emirates has secured a bailout that will give the company some momentary peace of mind. An aid package of 7.3 billion dirhams, or about $ 2 billion, was granted to Emirates by Dubai's government, which further reported in a…

LATAM Airlines Files for Chapter 11 Bankruptcy

In a communication addressed to the Chilean Financial Market Commission (CMF), LATAM Airlines Group has announced that it will voluntarily file to reorganize under Chapter 11 protection of the United States Code. The requested restructuring involves subsidiaries in Chile, Colombia, Peru, Ecuador, the United States of America, the Cayman Islands…