Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

LATAM Airlines Accepts Payment Offer From Venezuelan Government

Don't Miss Out —
Follow us on:

July 20 (Bloomberg) -- LATAM Airlines Group S.A. accepted an offer from the Venezuelan government to repatriate accumulated debt owed to the company for operating in the country last year.

Total debt of $148 million will be repaid to LATAM through a plan offered by Venezuela, the Santiago-based company said in an e-mailed statement. Details weren’t revealed.

More than a dozen airlines, including U.S. carriers United Continental Holdings Inc., American Airlines Group Inc. and Delta Air Lines Inc., have reduced capacity, sales or service in protest of currency controls in Venezuela that require government authorization to repatriate earnings from tickets sold there.

Venezuelan inflation is running at an annual rate of 61 percent, whittling away at the value of revenue denominated in bolivars. Airlines had the equivalent of $3.9 billion stuck in bolivars as of April, according to the International Air Transport Association trade group.

To contact the reporter on this story: Pietro D. Pitts in Caracas at ppitts2@bloomberg.net

To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net Mike Millard

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.