LATAM Airlines Group announced plans to extend the deadline of its restructuring plan, forming part of the bankruptcy protection process initiated in 2020, from June to September 2021. The region’s biggest airline filed for bankruptcy protection in May 2020 in the US as a consequence of the pandemic induced travel crisis. “The extension request is a common alternative contemplated within the process and does not modify the intention of the LATAM group to exit Chapter 11 by the end of this year,” the LATAM group said in in a statement. Additionally, LATAM requested a second disbursement of $500mn under the Debtor-In-Possession (DIP) Credit Agreement. The funds were required given “the extension of the health and mobility restrictions imposed by the authorities in the different countries in which the Company operates, as well as the analysis of the Company’s liquidity projection”. The LATAM Group also received a DIP loan of $1.15bn in October 2020.

LATAM´s USD bonds were up with its 4.2% 2027s up 1 to 96.75, yielding 4.66%.

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