Latin America’s largest airline LATAM has filed for bankruptcy in the United States following a slump in business caused by the coronavirus pandemic.
LATAM is the latest corporate victim of the health crisis which has brought air travel to a virtual standstill around the world.
‘We have implemented a series of difficult measures to mitigate the impact of this unprecedented industry disruption, but ultimately this path represents the best option,’ LATAM Chief Executive Officer Roberto Alvo said in a statement.
The airline will continue to fly while it is in bankruptcy protection and its affiliates in Argentina, Brazil and Paraguay were not included in the so-called Chapter 11 filing.
On 10 May 2020, the region’s second largest carrier, Avianca filed for Chapter 11 bankruptcy as a result of the COVID-19 pandemic.