A LATAM announced on Tuesday night (05) that the Extraordinary General Meeting of Shareholders held today fully approved the matters submitted for approval, as provided in the Reorganization Plan.
With a quorum of 82,32%, the new capital structure had the favorable vote of 99,82% of the shares present, which, in turn, represent 82,17% of all shares with voting rights in LATAM . This will allow the group to finalize the reorganization envisaged in the Plan in the coming months.
This approval represents a key step for the company to successfully emerge from the Chapter 11 process during the last quarter of this year.
“With the approval of our shareholders, we have taken a very important step in our reorganization process. The plan was already confirmed by the judge last month, had more than 90% from creditors and today was approved by 82% of the total shares. This broad demonstrates the robustness of the plan we have presented and the degree of confidence in the future of the Group”, says LATAM Airlines Group CEO Roberto Alvo.
Shareholders have agreed to issue three classes of convertible bonds and a capital increase of approximately $10,3 billion.
This increase will be implemented through the issuance of new payment shares [to creditors] in the amount of US$800 million and the issuance of shares intended to the conversion of the above-mentioned convertible bonds into shares of the LATAM, for approximately $9,5 billion.
The shareholders also agreed with some statutory amendments to implement the above, as well as others provided for in the Plan.
