Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States

Case Solution

Laura Alfaro, Mauricio Larrain, Carlos Vilches, Sarah Jeong
Harvard Business School ()

On May 1, 2020, Latam Airlines became the world’s largest airline, driven out of business by COVID19. Due to a complex debt structure and a mix of international investors, the company decided to apply for bankruptcy protection in the United States, which offered a more flexible recovery process than the local bankruptcy process. After the filing was announced, the company achieved an unprecedented stock market rating. Some experts questioned whether the declaration of bankruptcy of Latam Airlines in the United States could be detrimental to the development of the Chilean capital market. Even if the company were financially successful, could it adapt to a different way of flying after COVID?

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