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Montevideo, August 6th 2020 - 02:22 UTC

 

 

Qatar Airways pledge of support sends Latam Airlines stock soaring

Thursday, June 4th 2020 - 07:47 UTC
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Qatar Airways CEO, Akbar Al Baker. Qatar owns 10% of Latam Airlines Qatar Airways CEO, Akbar Al Baker. Qatar owns 10% of Latam Airlines

Latam Airlines registered a significant rise Tuesday and Wednesday on the Santiago Stock Exchange, rising 37.63% and 16%, which is attributed to the support that its partner Qatar Airways, who owns 10% of the Chilean airline, disclosed.

“Of course we will come to his aid. It is a long-term strategic investment. Latam has filed for Chapter 11 (of the US Bankruptcy Law) and if there is any financial requirement that we can contribute to, like other shareholders in the game, yes, Qatar Airways will do so, “said the CEO of Qatar Airways, Akbar Al Baker

Latam Airlines recently filed for Chapter 11 in the US. Because of the pandemic and since then it has had several increases in the Stock Market. As reported Latam Airlines obtained authorizations from the US Court for its reorganization; Among them, it will be able to continue operating passenger and cargo flights according to the demand and restrictions existing in each country, and it will also be able to maintain agreements with travel agencies and business partners, among others.

The airline will continue to maintain relationships and “honor existing agreements with travel agencies, and other business partners, without disruption; paying suppliers on time for all goods and services delivered from May 26, 2020 onwards, and throughout this process; maintaining commitments prior to May 26 with defined suppliers that deliver critical services ”, the airline reported at the time.

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