SANTIAGO, CHILE — LATAM group, South America's largest airline operator, announced that it successfully completed its financial restructuring process in the United States, which it voluntarily commenced in May 2020 to reduce its debt, access new sources of financing, and transform its business in response to the global pandemic.

Having significant cost savings, LATAM has emerged from the reorganization as a more efficient group with a modernized fleet, the company said in a recent press release.

With over US$2.2 billion of liquidity, approximately US$3.6 billion less debt on its balance sheet (equivalent to a 35% debt reduction from the pre-filing period), and the support of key incumbent and new shareholders, LATAM is poised to reaffirm its leadership in Latin America and has positioned itself for long-term sustainability.

"It's an important milestone for LATAM and our stakeholders. We are pleased that we have completed a significant transformation and emerged from our financial restructuring process with a strengthened financial position and a renewed commitment to operational excellence. As a group with a dynamic team of 30,000 employees and an unrivaled connectivity network, we look forward to continuing to offer passengers the best alternative for travel to, from, and within South America and to contribute in the broader sense to the various countries in which we operate and their diverse interests" said Roberto Alvo, CEO of LATAM Airlines Group.