LATAM reaches deal over Venezuelan ticket sales

Victoria
By Victoria July 22, 2014 11:57

LATAM reaches deal over Venezuelan ticket sales

LATAM Group have reached an agreement with the Venezuelan government concerning the partial disbursement of unrecovered ticket-sale funds.

In a statement issued on July 20th, LATAM announced it had accepted the Venezuelan government’s proposal in regards to the repatriation of funds equivalent to the total owed for FY2013 for all the airlines in the group.

The statement said: “The total debt owed is approximately $148million, which will be rendered per the payment plan proposed by the Government of Venezuela which has been accepted by LATAM Airlines Group and its affiliates and TAM Airlines.”

It is not known whether LATAM has attempted to reach an agreement with the government concerning funds for 2014.

The issue over the Venezuelan government’s withholding of ticket revenue has affected airlines around the world, with up to 11 curtailing services to Venezuela in response, including American, Delta, Air Canada and Lufthansa.

Victoria
By Victoria July 22, 2014 11:57
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