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A LATAM air attendant aboard one of the company's planes in March. Photo: Kike Calvo/Universal Images Group via Getty Images

LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the U.S., Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S.

Why it matters: LATAM is Latin America's largest airline and its shareholders include Delta Air Lines. CEO Roberto Alvo noted in the statement the coronavirus pandemic has had a huge impact on the airline industry.

  • "LATAM entered the COVID-19 pandemic as a healthy and profitable airline group, yet exceptional circumstances have led to a collapse in global demand and has not only brought aviation to a virtual standstill, but it has also changed the industry for the foreseeable future," Alvo said.

The big picture: The Chapter 11 filing would enable the Chilean carrier to continue operations on a reduced schedule as it looks to restructure and pay creditors.

  • The group said in the statement it has secured financial support from shareholders including Chile's Cueto family and Qatar Airways of up to $900 million in debtor-in-possession financing.
  • LATAM has about $1.3 billion in cash on hand, the statement added.

Editor's note: This article has been updated with new details throughout.

Go deeper

Aug 21, 2020 - Health

Delta Air Lines adds widespread virus testing to reassure travelers

Illustration: Sarah Grillo/Axios

A widely available coronavirus vaccine would go a long way toward rebuilding public confidence in air travel, but until it arrives, Delta Air Lines believes widespread, proactive COVID-19 testing for employees will help win passengers' trust.

What's happening: In partnership with the Mayo Clinic and Quest Diagnostics, Delta plans to test every one of its 75,000 employees for both active COVID-19 and antibodies by the end of the month.

Updated 18 mins ago - Sports

Olympics dashboard

Italy's Lamont Marcell Jacobs of Team Italy crosses the finish line ahead of American Fred Kerley in the men's 100m final on day nine of the Olympic Games at Olympic Stadium in Tokyo, Japan, on Sunday. Photo: Cameron Spencer/Getty Images

🚨: IOC "looking into" American Raven Saunders' Olympic podium gesture

🏃🏾: Italy's Lamont Marcell Jacobs: Reconnecting with U.S. father "gave me the desire to win" Olympic 100m sprint race.

🥇High jumpers persuade Olympic officials to let them share gold

🏌️‍♂️: Golfer Xander Schauffele wins gold for U.S. by one shot

🤸🏿‍♀️: Simone Biles won't compete in Olympic floor finals, individual vault or uneven bars

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Updated 30 mins ago - Sports

IOC "looking into" American Raven Saunders' Olympic podium gesture

Team USA's Raven Saunders gestures on the podium with her silver medal after competing in the women's shot put event during the Tokyo 2020 Olympic Games at the Olympic Stadium in Tokyo on Sunday. Photo: Ina Fassbender/AFP via Getty Images

The International Olympic Committee is "looking into" U.S. shot-putter Raven Saunders' gesture on the Tokyo Games podium after she won a silver medal, IOC spokesperson Mark Adams told reporters Monday.

Why it matters: Saunders told AP she placed her hands above her head in an "X" formation while on the podium to stand up for "oppressed" people. The IOC has banned protests during the Tokyo Games.

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