On Wednesday, LATAM Airlines announced that the re-listing of American Depositary Receipts (ADRs) on the New York Stock Exchange has been approved by the board.
In a report to the Chilean stock exchange, the business stated that the procedure could take up to six months. It involves fulfilling a number of requirements from the New York Stock Exchange and the U.S. Securities and Exchange Commission.
Before filing for bankruptcy in 2020, the Santiago-based carrier sold ADRs, a type of stock used by international corporations, on the NYSE. This allowed them to list their shares on U.S. stock exchanges.
In late 2022, the corporation came out of bankruptcy with a $8 billion reorganization plan.
According to the filing, the business’s Chapter 11 reorganization plan’s primary creditors, “without whom the company would not have emerged from the reorganization process,” must approve the re-listing.
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