The carrier, headquartered in Chile’s capital Santiago, filed for Chapter 11 in mid-2020 owing to the effects of the pandemic on air travel demand.

Bankruptcy protection has allowed Latam to continue operating while negotiating a wide-ranging restructure of the airline’s finances and debt.

Its efforts are expected to secure around US $8 billion in new funding, comprising a capital increase, the issue of new bonds, and new debt.

"In the coming weeks, we expect to emerge from Chapter 11 with approximately US $2.2 billion of liquidity and a debt reduction of approximately 35% compared to the debt we had outstanding before entering into this process,” said Latam chief executive Roberto Alvo.

Despite posting a second quarter loss in August, Latam achieved operating revenue of in excess of $2.2 billion, just 6% shy of 2019 levels.

Then, Alvo said the carrier was "cautiously optimistic" about the coming months and its emergence from Chapter 11, despite operational headwinds.

It has also since entered into a new joint venture with US carrier Delta Air Lines to offer passengers seamless access to more than 300 destinations throughout Latin America, the US and Canada.