Commodities

LATAM Airlines obtains approval on second try for key $2.45 bln loan package

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Fabian Cambero Reuters
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Credit: REUTERS/RAHEL PATRASSO

LATAM Airlines on Friday said it had obtained approval on its second try of a crucial $2.45 billion bankruptcy loan to take the airline out of Chapter 11 restructuring, after having its first package rejected by a judge last week.

SANTIAGO, Sept 18 (Reuters) - LATAM Airlines LTM.SN on Friday said it had obtained approval on its second try of a crucial $2.45 billion bankruptcy loan to take the airline out of Chapter 11 restructuring, after having its first package rejected by a judge last week.

The judge rejected the initial plan due to a convertible loan that he concluded was too beneficial to the airline's current shareholders. The new package was similar, but did not include the convertible loan.

(Reporting by Fabian Cambero)

((marcelo.rochabrun@thomsonreuters.com; +55 11 5644 7768;))

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