LTMAQ - Latam Airlines is said to near Chapter 11 exit deal with creditors

Latam Airlines Group (OTCPK:LTMAQ) is said close to a Chapter 11 exit backed by some unsecured creditors as it tried to fend off overtures from rival Brazilian carrier Azul SA. (NYSE:AZUL). LTMAQ is down 15% after dropping earlier in the day. The Chilean airline is close to a restructuring deal with large unsecured creditors and some shareholders that would help it exit bankruptcy, according to a WSJ report, citing people familiar. A Latam representative told the paper that it's trying to file its reorganization plan by Friday. Azul founder and Chairman David Neeleman told Chilean newspaper Diario Financiero that he would likely make an offer, though it would have to be after Nov. 23, when the regulatory limit for reaching a restructuring agreement ends, Reuters reported earlier this month. Deutsche Bank earlier this month cut Latam Airlines (OTCPK:LTMAQ) to sell from hold and reduced its price target to $0 from $2, writing that "we

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Latam Airlines is said to near Chapter 11 exit deal with creditors