June 22, 2022 |
Chile's LATAM Airlines said it will seek shareholder approval for a major capital increase after a US court gave its blessing to the company's plans to exit Chapter 11 bankruptcy proceedings.
The airline is proposing to raise $10.5 billion is the sale of 606 million new common shares with $9.57 billion tied to a convertible bond sale, LATAM said in a securities filing on Monday. It also said it plans to issue 73.8 million new shares to existing shareholders for $800 million.
The capital increase
Chilean airline will seek shareholder approval to raise $10.5 bln as part of its plans to exit Chapter 11 bankruptcy