Latam Airlines has recorded a drop in passengers of almost 50 percent during the first half of 2020 compared to last year, media reports said. Latam Airlines is the region’s largest airline group.
The carrier is facing issues as a result of the pandemic. It had transported 18,294,000 passengers n the first six months of the year, media reports said. Since March, the region imposed strict lockdown on borders, while only Mexico remains open.
Roberto Alvo, CEO of LATAM Airlines Group, told the media, “Today, LATAM has taken a significant step in ensuring its operational continuity by securing the commitment of Oaktree Capital Management and its affiliates for the total financing of Tranche A. We hope that, together with Tranche C, it will be approved by the court in the coming weeks. The support of two of our principal shareholders has been essential, sparking an interest and commitment from investors that we did not have a month ago. This show of confidence in the group’s future has enabled us to secure all the resources that are required to continue operating during the crisis and as demand recovers, to successfully complete the Chapter 11 process.”
However, the carrier will have to compete with low-budget carriers such as Sky Airline in Chile and Viva Air in Peru and Colombia.