LATAM Airlines adds $1.3 billion to bankruptcy financing proposal, Brazil unit seeks protection - Reuters

LATAM Airlines adds $1.3 billion to bankruptcy financing proposal, Brazil unit seeks protection - Reuters:

LATAM Airlines, the largest airline group in Latin America, said Thursday it had secured an additional $1.3 billion for its financing proposal before a New York bankruptcy court, while adding its unit in Brazil to the debt restructuring process.

LATAM (LTM.SN) filed for U.S. bankruptcy protection in May, aiming to reorder $18 billion in debt. It was the world’s largest airline to date to seek an emergency reorganization due to the coronavirus pandemic.

On Thursday, it said it had secured an additional $1.3 billion in funding from Oaktree Capital Management L.P. and its affiliates, enough to meet the company´s financing requirements amid the crisis. The company had already secured $900 million for the process from shareholders Cueto Group and Qatar Airways. “Combined ... it is hoped that financial support will not be required from governments,” the company said in a statement early on Thursday.