We use cookies to improve your experience. By using BondbloX, you agree to our use of cookies.
Bond Market News
LATAM Airlines Reports $963mn Loss
March 10, 2021
LATAM Airlines Group, the largest airline in Latin America, reported fourth quarter net losses of $962.5mn. For the full year 2020, the airline reported overall losses of $4.6bn vs $196mn in profits during 2019. Total revenues in Q4 amounted to $897.5 million, down 68.7% YoY mainly driven by an 81.6% decline in passenger revenues resulting from a 67.1% decrease in capacity. Cargo and freight operations helped partially offset the passenger revenue declines, up 26.7% and 21% respectively. Last May, the airline filed for bankruptcy protection. In the U.S., LATAM is still in the process of a restructuring supervised by courts. At the end of the year, LATAM held $1.7bn in cash and equivalents, cushioned by the significant amount of debt that it accumulated with the process of bankruptcy. LATAM’s financial debt stood at $7.6bn, a $835mn decrease QoQ. “We will emerge as a closer, simpler, more agile and more efficient company. We have no doubt that when the crisis passes, LATAM will operate as a strengthened group”, said CEO Roberto Alvo.
Latam Airlines USD 7% 2026s bonds were at 86.25, yielding 9.74% and their 6.875% 2024s were at 85.89, yielding 12.3%
For the full story, click here
Go back to Latest bond Market News
Related Posts:Azul to Buy LATAM Airlines’ Brazil Operations
May 27, 2021
Odebrecht Faces a 3Y Suspension For Overcharging Pemex
February 18, 2021
Our Awards
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.