Latam Airlines To Start Process Of Re: listing shares on NYSE (updated)

LATAM Airlines

04/04/2024 03:39

(Adds context in paragraphs 3-4, detail from filing in
paragraph 5)
       April 3 (Reuters) - LATAM Airlines  LTM.SN  said on
Wednesday its board gave approval to begin the process of
re-listing American Depositary Receipts (ADRs) on the New York
Stock Exchange.
    In a filing to Chile's stock exchange, the company said the
process involves meeting various requirements from the NYSE and
the U.S. Securities and Exchange Commission and could take up to
six months. 
    The Santiago-based carrier traded ADRs, which foreign
companies use to list their shares on U.S. stock exchanges, on
the NYSE before declaring bankruptcy in 2020. 
    The company emerged from bankruptcy proceedings with an $8
billion reorganization plan in late 2022. 
    Re-listing will require consent from the principal creditors
that supported the company's Chapter 11 reorganization plan,
"without whom the company would not have emerged from the
reorganization process," the filing said.

 (Reporting by Brendan O'Boyle; Editing by Jacqueline Wong and
Jamie Freed)
 ((Brendan.OBoyle@thomsonreuters.com;))