LATAM Airlines will need government loans to recover after COVID-19 [Reuters]
LATAM Airlines Group S.A. American Depositary Shares (each representing two thousand (2,000) shares of) (LTM)
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Source: Reuters
LATAM Airlines will need government loans to recover after COVID-19 BOGOTA, April 15 (Reuters) - LATAM Airlines Group SA , Latin America’s largest carrier, will need regional government support as it undertakes a coronavirus recovery process which could last up to two years, a company executive said on Wednesday. LATAM has grounded the vast majority of its flights and has halved the salaries of its more than 40,000 employees amid widespread quarantines in the region. It operates in Brazil, Argentina, Chile, Colombia, Ecuador and Peru and until the spread of coronavirus ran about 1,300 flights per day. The airline has enough cash to operate for three to four months, said Santiago Alvarez, LATAM’s president for Colombia, in a phone interview. The company, based in Santiago, Chile, has also deferred dividend payments and is requesting payment extensions from suppliers. It has suspended all short- and medium-term investment projects except its digital efforts, Alvarez said. “In general th
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