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LATAM shareholders meeting approves reorganization plan

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Travel2Latam
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https://en.travel2latam.com/nota/75234-latam-shareholders-meeting-approves-reorganization-plan
LATAM shareholders meeting approves reorganization plan
Source: Newlink
July 06, 2022

"This broad support demonstrates the robustness of the plan we presented and the degree of confidence in the future of the Group," said CEO Roberto Alvo


LATAM informs that the Extraordinary Shareholders' Meeting held yesterday approved all the matters that were submitted for approval in accordance with the provisions of the Reorganization Plan. With an attendance quorum of 82.32%, the new capital structure had the favorable vote of 99.82% of the shares present at the meeting, which, in turn, represented 82.17% of all the shares with right to vote in which the capital of LATAM is divided. This will allow the group to implement the restructuring contemplated in the Plan in the coming months. This approval represents a fundamental step to successfully emerge from the Chapter 11 process during the last quarter of this year.

“By having the approval of our shareholders, we have taken a very important step in our reorganization process. The plan was already confirmed by the judge last month, it had more than 90% support from creditors and today it was approved by 82% of the total actions. This broad support demonstrates the robustness of the plan we presented and the degree of confidence in the future of the Group”, said the CEO of LATAM Airlines Group, Roberto Alvo.

The shareholders agreed to issue three classes of convertible bonds and a capital increase of approximately US$10.3 billion. This increase will be implemented through the issuance of new payment shares for an amount of US$800 million, and the issuance of shares intended to support the conversion of the aforementioned convertible bonds into LATAM shares, for approximately US$9.5 billion. The shareholders also agreed to certain amendments to the bylaws to implement the foregoing, as well as others contemplated in the Plan.

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