South American airline LATAM Group is set to finally exit its Chapter 11 bankruptcy protection in the US next month after completing a long-running reorganisation process. LATAM, which first went into bankruptcy protection in May 2020 as the Covid-19 pandemic grounded much of the global aviation industry, has announced plans to leave the process on 3 November. The company said it would be "more agile" after emerging from Chapter 11, with a "competitive cost structure" and "adequate liquidity to face the future". Roberto Alvo, CEO of LATAM, said of the latest developments: "The exit financing was secured, the pre-emptive rights period for shareholders ended and we are close to exiting the Chapter 11 process. "We have met the deadlines and objectives we set for ourselves and we are confident that we will emerge stronger from this challenging period." LATAM added that it will award shares and convertible bonds to shareholders and creditors "as appropriate" on 3 November.