LATAM Group began this Tuesday the last phase of the Chapter 11 process that it is carrying out in the United States Court. Through an essential fact sent to the Commission for the Financial Market (CMF), the group informed that it became aware of the registration of the 605,801,285,307 shares in the Securities Registry of the CMF, corresponding to the capital increase and the three classes of convertible bonds , financial instruments that were approved at the Extraordinary Shareholders' Meeting last July. “With the registration by the CMF of the instruments approved in the restructuring plan, we are taking the last step in our Chapter XI process, with a view to emerging by November at the latest, well positioned for the future. We value the trust and continued support of our shareholders and other stakeholders and look forward to a successful conclusion of the preemptive subscription period,” said LATAM CEO Roberto Alvo. Of the 605,801,285,307 registered shares, 531,991,409,513 will be used to respond to the conversion of the convertible bonds and the remaining 73,809,875,794 shares will be offered preferentially to shareholders. The balance not placed, between the shareholders and/or third parties, will be offered in the terms approved at the Extraordinary Shareholders' Meeting. With these instruments together with the exit financing, the group expects to raise approximately US$8,000 million. The price of the aforementioned 73,809,875,794 new paid shares was set at US$0.01083865799. The subscription value of the convertible bonds will be US$1 per bond. Additionally, the legal period of 30 days of preferential option for the new payment shares and convertible bonds will run from September 13, 2022 to October 12, 2022. In May 2020, LATAM voluntarily began a reorganization process under Chapter 11 in the United States.
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