SANTIAGO, Nov.29 (Reuters) – Shares of LATAM Airlines (LTM.SN), Latin America’s largest air transport group, plunged on the Chilean stock exchange on Monday after the indebted carrier’s announcement over the weekend a restructuring plan that would dilute shares in the company.
Airlines shares slumped nearly 85% early in the session.
On Friday, the company announced that it had filed a reorganization plan, proposing an injection of capital of 8.19 billion dollars in the group, with the aim of coming out of its bankruptcy in Chapter 11. Read more
The financing proposal will include a mix of new stocks, convertible notes and debt, the group said in a statement, adding that it intends to launch an equity rights offering of $ 800 million to shareholders as soon as possible. confirmation of the plan.
Brazilian airline Azul SA said on Monday it had made an offer this month to combine with LATAM Airlines, but said the listed Chilean company was overvalued and had since decided to focus on its own operations. Read more
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