May 26, 2019 Reuters reported that Chile’s latAM Airlines, the largest airline in South America, has applied for asset protection under section 11 of the U.S. bankruptcy law after businesses were heavily affected by the Coid-19 virus outbreak. Latam Airlines South America’s largest airline filed for bankruptcy from cowid poisoning-19.
The impact the aviation industry has been affected by the Cowid-19 crisis.
Roberto Alvo, CEO of Latam Airlines, said: “The impact the aviation industry has suffered from the Cowid-19 crisis has resulted in Latam airlines having to make very difficult decisions over the past few months, but ultimately we have to choose the best choice.” However, the application for bankruptcy does not include sub-businesses of companies in Argentina, Brazil and Paraguay.
Restructuring of the organization under Section 11
“Based on careful consideration, the company is confident that entering the restructuring process under Section 11 is the best solution to meet the group’s goals and obligations. Meanwhile, the company continues to manage vehicles and liabilities in the U.S., most of which are in the U.S.,” with rival airlines such as “Aviaka,” which colombia airlines applied for asset protection under Section 11 on May 11. After facing severe financial trouble scouring from the Covid-19 crisis, the company’s financial crisis has been hit by a surge in the world. This time,
Latin America’s largest airline, LATAM, files for Chapter 11 bankruptcy – cnn
LATAM becomes largest airline yet driven to bankruptcy by coronavirus – reuters