▲ A Latam plane sits on the runway at the Santiago de Chile airport yesterday. A victim of the coronavirus, the largest airline in Latin America, the Brazilian-Chilean group Latam, followed in Avianca’s footsteps and also filed for Chapter 11 of the United States Bankruptcy Law.
Julio Reyna Quiroz
La Jornada newspaper
Wednesday May 27, 2020, p. 27
The Secretary of Tourism, Miguel Torruco Marqués, promised this Tuesday that the Mexican airlines, which are experiencing growing economic problems due to the interruption of activity, continue operating even after the Covid-19 pandemic.
Have the confidence that Aeromar, Aeromexico, VivaAerobus, and especially Interjet, will continue to fly and strengthen air connectivity in the country, said the official, in a digital meeting with representatives of the National Chamber of the Transformation Industry (Canacintra ).
Torruco said that the issue of airlines is a concern of the federal government. We will continue to have our strong and solid airlines. ” He said he has met with the owners of the country’s largest companies.
The issue is a federal concern: the headline of Sectur
I have spoken with owners of most airlines and have told them that it is a concern of the current administration. He revealed that he met with the directors of VivaAerobús and Aeromexico.
VivaAerobus is ready to go out with its fleet and cover the needs of tourism. Aeromexico, which is our great flag carrier, is leaving, and both will gradually pick up their pace, said Torruco Marqués. His statements were exposed in a virtual meeting with representatives of Canacintra.
Earlier, Latam Airlines announced that it had undergone the voluntary process of reorganizing and restructuring its debt under the protection of Chapter 11 of the United States Bankruptcy Law.
In light of Covid-19’s unprecedented impact on the global aviation industry, this reorganization process gives Latam an opportunity to work with the group’s creditors, and other stakeholders, to reduce its debt and obtain new financing sources; It gives you the tools to transform the group according to this new reality, the company said in a statement.
He added that the financial reorganization process “is a legal framework under which Latam and its subsidiaries will be able to resize their operations and adapt them to the new demand environment and reorganize their financial balances, allowing them to re-emerge as more agile, resilient and sustainable businesses.
Latam and its subsidiaries will continue to fly throughout the process. ” Latam entered the Covid-19 crisis as a healthy and profitable airline group; however, exceptional circumstances have generated a collapse in demand and have not only stopped global aviation and its revenues, but have changed the industry into the future, said Roberto Alvo, executive director of the airline.
“We have implemented a number of difficult measures to mitigate the impact of this unprecedented disruption across the industry.
But, in the end, this route represents the best option to lay the correct foundations for the future of our group of airlines, ”said Alvo.