Latam Airlines files for Chapter 11 bankruptcy protection

South American carrier Latam Airlines says it is seeking Chapter 11 bankruptcy protection as it grapples with the sharp downturn in air travel sparked by the coronavirus pandemic. Santiago, Chile-based Latam Airlines Group S.A. said Tuesday that it and its affiliated companies launched the reorganization effort in the United States.

The carrier aims to continue operating and hopes to reduce its debt through the bankruptcy process. It said the bankruptcy filing has the support of two families that have big stakes in the company, as well as large shareholder Qatar Airways.