America’s Largest Airline LatAm Files for Bankruptcy

America’s Largest Airline Files for Bankruptcy
The fate of another major airline ends up for filing bankruptcy. LATAM(Latin America) files for chapter 11 bankruptcy due to the travel bans and the passengers that are reluctant to fly due to the fear of the pandemic. 
LATAM  is viewed as the biggest aircraft in Latin America with subsidiaries in Argentina, Brazil, Colombia, Ecuador, Paraguay and Peru, with its derivatives working a consolidated fleet of 315 airplane giving traveler transport services to 137 goals in 24 nations; and 18 airplane giving cargo services to 144 destinations in 29 nations.
The Chapter 11 petition permits LATAM to continue working while the Chilean bearer works out an arrangement to pay creditors and turn around the business. LATAM, whose investors incorporate Chile's Cueto family and Delta Air Lines Inc., keeps on working on a diminished timetable, and it has duties for an insolvency credit of up to $900 million. 
LATAM has already slashed the salaries of 43000 employees, eliminated more than 1,850 jobs in Chile, Colombia, Ecuador and Peru from its worldwide workforce of around 40,000 individuals, in the wake of cutting 95% of its traveler tasks. In some chapter 11 situations, a carrier can dismiss airplane leases, and LATAM has in excess of 20 jetliners on request from Airbus SE and about six from Boeing Co.
In the bankruptcy petition LATAM declared assets of more than $21 billion and total liabilities of almost $18 billion.
Till date LATAM has no access to the relief funds by the government. The airline quoted that talks are underway with governments in Chile, Brazil, Colombia and Peru about additional financing and assistance.


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Khushi Mehra
Asst Manager content Developer
AirCrews Aviation Pvt Ltd
khushi.mehra@aircrewsaviation.com
www.AirCrewsAviation.com
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