LATAM Airlines Brazil to participate in a restructuring proposal for Oceanair Linhas Aéreas S.A. and AVB Holding S.A.
03 Abril 2019 - 9:23AM
Santiago, Chile, April 3, 2019- LATAM Airlines
Brazil, an affiliate of LATAM Airlines Group S.A. (NYSE: LTM /
IPSA: LTM), announces that it has been approached by Elliott
Associates L.P., Elliott International L.P., and Manchester
Securities Corporation (jointly "Elliott"), the largest debt
holders of Oceanair Linhas Aéreas S.A. ("Oceanair") and AVB Holding
S.A. (jointly "Avianca Brasil"), to participate in a restructuring
proposal for said companies.
As part of the proposed
restructuring, and subject to the satisfaction of certain
conditions, LATAM Airlines Brazil has committed to provide Avianca
Brasil directly and indirectly at least US$13 million of
debtor-in-possession loans to finance, in part, working capital in
support of the ongoing operations.
LATAM Airlines Brazil has agreed to bid for at least one
independent productive unit ("IPU") [
unidade
produtiva isolada UPI] together with its respective assets
(including but not limited to certain contracts, operating
certificates, permits, and slots), of Elliot's restructuring
proposal in upcoming auctions for a minimum amount of US$70
million. Any and all required governmental and antitrust approvals
for the acquisition of the IPU shall be timely provided in
anticipation of closing of any transaction in favor of LATAM
Airlines Brazil. The closing date cannot be confirmed at this
time.
Final Press Release - ENG
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: LATAM Airlines Group via Globenewswire
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