Latam Airlines Group SA has filed for Chapter 11 bankruptcy according to Bloomberg. Latam will continue to operate on a reduced schedule and has commitments for a bankruptcy loan for up to $900 million and approximately $1.3 billion cash on hand. Colombia’s Avianca filed for Chapter 11 bankruptcy earlier this month and Hertz filed a few days ago.
These Chapter 11 filings are an infrequent by common occurrence when it comes to airlines. We looked at what happens to frequent flyer miles in the event of a bankruptcy in this post here.
