November 28, 2022
U.S. court approves Ladam restoration plan

U.S. court approves Ladam restoration plan

The green light of the New York court brings Latam closer to the end of the judicial review

Ladam Airlines tonight (18) the Bankruptcy Court of the Southern District of New York in the United States announced that it has approved the restructuring plan of the company known as Chapter 11.

The program, which is supported by almost all lenders, meets US and Chilean legal requirements. “The Confirmation Order represents the latest milestone in the United States Chapter 11 process initiated by Latam to ensure its long-term sustainability,” the company said in a statement.

Chapter 11, the equivalent of a judicial reform in Brazil in the coming months, will now focus on the steps needed to break out of the restructuring process and the implementation of corporate action. Once the project is operational, approximately US $ 8 billion (R $ 41.2 billion) will be repaid through capital increases, the issuance of convertible securities and new debt.

We are very pleased that the judge confirmed our restoration plan. Chapter 11 This is a very important step in the exit process, and we will continue to work hard to complete the remaining steps in the coming months.”Said Roberto Alvo, CEO of Ladam Airlines.

The company’s exit from Chapter 11 is scheduled for the second half of this year.

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