LATAM becomes largest airline to file for bankruptcy amid coronavirus

LATAM Airlines Group SA filed for U.S. bankruptcy protection on Tuesday, becoming the largest carrier to seek an emergency reorganization amid the coronavirus crisis.

Latin America’s largest airline follows rival Avianca Holdings of Colombia in seeking U.S. bankruptcy protection.

But unlike Avianca, Chile’s LATAM posted profits for four consecutive years totaling more than $700 million. It had recently approved a dividend payment.

LATAM laid off 1,800 employees out of over 40,000 in the lead-up to its bankruptcy filing.