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LATAM Airlines Group S.A. (LTM)
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LATAN announced today that it projects an increase of 46% more flights in October compared to September, 440 flights a week. It will add to international flights starting October 3rd.
Big news is coming, get ready folks, green days waiting for us!
1.Judge told today he will approve the loan! We just need to wait till this get on paper and published!
2. Delta and LATAM receive approval in Brazil for Joint Venture Agreement
3. Judge denied to pay deb in stock, so we will never lose are stock if he didn't accept this, no whipe out!!
See what will happen !!
Joaquín Cortez Huerta
Commission for the Financial Market
1449 Av. Libertador Bernardo O´Higgins
Re: Material fact report
In accordance with the provisions of articles 9 and 10 of Law No. 18,045 on the Securities Market, and as established in the Commissions’ General Rule No. 30, I inform you as a material fact of LATAM Airlines Group S.A. (“LATAM Airlines” or the “Company”) the following MATERIAL FACT:
● As reported by Material Fact on September 17, 2020, the Company submitted a revised financing proposal (“New DIP Financing Proposal”) for the approval of the Southern District Court of New York (the “Court”) as part of the process reorganization of LATAM in the United States of America (the “Chapter Eleven Procedure”).
● On this date, the Honorable Judge James L. Garrity Jr. resolved to approve the New DIP Financing Proposal submitted by LATAM.
Juan Carlos Menció
Vice President of Legal Affairs
LATAM Airlines Group S.A.
good news!!! 2 hous ago latam showed their new financing plan. its great! no debt to stock conversion, no dilutilon. tranche A is 1.1B by oaktree and 175M by knighthead. tranche C is 750M by latam biggest share holders and 250M by knighthead. NO DILUTION 🙌🙌
last Friday the judge only made a statement that he will approve the loan asap. give it a couple of days to be approved officially and then this should go Up steeper.
Has the loan been approved?
After being reviewed by the LATAM Directors’ Committee at meetings held on September 12, 13, and 16, 2020, and being approved by the Board of Directors at a meeting held on September 16, 2020 - by the unanimous vote of the non-interested Directors -, the Revised DIP Financing Proposal was submitted to the Court for approval on the date hereof.
● The terms of the Revised DIP Financing Proposal maintain, in essence, the structure of the Original DIP Financing Proposal. The main changes relate to the following:
o The financing commitment of up to US$ 2,450 million through a delayed draw credit facility consists of two tranches in which the following creditors will participate:
§ A Tranche A for a principal amount of up to US$ 1,300 million, of which (i) US$ 1,125 million will be provided by Oaktree Capital Management, L.P. or certain related entities thereof; and (ii) US$ 175 million will be provided by Knighthead, Jefferies and/or other entities that are part of a creditors’ syndicate organized by Jefferies.
§ A Tranche C for a principal amount of up to US$ 1,150 million, of which (i) US$ 750 million will be provided by LATAM’s shareholder group composed by the Cueto Group, the Eblen Group and Qatar Airways, or certain related entities of the latter; (ii) US$ 250 million will be provided by Knighthead, Jefferies and/or other entities that are part of a creditors’ syndicate organized by Jefferies; and (iii) US$ 150 million to be provided by LATAM’s shareholders or creditors, or new investors in LATAM (in each case to the satisfaction of the Company). If no commitments are obtained for such US$ 150 million, the difference will be provided, on a pro rata basis, by the Tranche C creditors indicated in numbers (i) and (ii) above.
o The Revised DIP Financing Proposal does not contemplate LATAM’s option to cause Tranche C lenders to subscribe Company shares with the proceeds of the credit payment. Therefore, unless the terms of the DIP Financing are subsequently modified pursuant to a reorganization plan that is approved in accordance with the rules governing the Chapter 11 Proceeding, the amounts owed under Tranche A and Tranche C shall be paid in cash. If such modification is made, however, the group formed by Knighthead, Jefferies and/or other entities that are part of a creditors’ syndicate organized by Jefferies may not be forced to receive payments other than in cash and the other lenders of the Tranche C will have the right to buy their credit at par value.
Oookay The funding offer was rejected due to the possibility of converting debt into shares. This is good on the one hand. But on the other hand. What will happen next with funding?
This is very GOOD news !!
DEBT will not be payed in shares ..
So no dullution for us!!
This will be positive for the shareholders on longterm .. Don't panic don't sell!!
Sweet, lets keep going and hope we don't need wait 1 month for approve ..
go down.. why?
Judge Garrity is the best, every financing option latam is looking into right now is a million time better than the one that got rejected.
same question should i keep my shares i have 5900
Should I keep my stocks? Or Sell?
all weak hands and unpatient sold out , last few days very low on sellers , and allot of buyers, this will go up eventually, and once judge approves loans this will go up 40 to 60% in one day like avhoq did. good luck to all 🤗
Looks like nobldy really understood the judge decision. He denied the loan b/c it made the cueto and qatar walk away with free money while everyone else taking risk. So, when he said it was unfair to other shareholders he is talking about creditors and large funds who are battling to make sure they get a piece of their investment. Judge does not care about common retail holders
there will be no loan until Roberto provides a restructuring plan, the judge won't approve new senior loans or wave Prepetition claims without a plan, it will never happen
Latam airlines loss report:
June: US $ 670 mil
July: US $ 175 mil
This is incredible, we will see a green week, lets see back the 2 please!
And don't forget we still waiting for the approve of the judge ..
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