Latam Airlines Group gets third extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., July 27 – Latam Airlines Group, SA secured a third extension of its exclusive periods to file a Chapter 11 plan and solicit votes, according to an order filed Tuesday with U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the court extended the plan filing period through Sept. 15 from June 30 and the solicitation period through Nov. 8 from Aug. 23.

The company said in its motion that the debtors have now developed their forward-looking business plan and are beginning the process of meeting with various key stakeholders to discuss the business plan and to begin discussions regarding the plan framework and raising exit capital.

“Even with the meaningful progress the debtors have made toward a successful reorganization of their business through these Chapter 11 cases, a further extension of the exclusivity periods is warranted in light of the remaining steps that must be undertaken in cases of this size and complexity, particularly given the unique circumstances under which the debtors are seeking to reorganize their multi-billion dollar enterprise,” the company said in its motion.

Latam is a Santiago, Chile-based airline. The company filed bankruptcy on May 25, 2020 under Chapter 11 case number 20-11254.

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