LATAM Brazil enters Chapter 11 and group formalises second tranche of DIP financing

LATAM Airlines Group announced its formal DIP (debtor-in-possession) financing at the same time as it announced that LATAM Brazil was also entering the Chapter 11 bankruptcy protection process alongside its affiliates in Chile, Peru, Colombia, Ecuador and the United States, which filed on May 26, 2020. The airline group stated that the decision for LATAM Brazil to file for bankruptcy protection was “a natural step in light of the continuing COVID-19 pandemic and offers the best option to access to the proposed DIP financing that will provide the tools to adapt to this new reality”. On July 9, 2020, LATAM