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Latam Airlines ‘Absolutely Not’ Selling Brazil Unit to Azul

  • Piecemeal sale of the airline is not on the table, CEO says
  • Azul could take offer for Brazil unit directly to creditors
Roberto Alvo
Roberto AlvoSource: Latam Airlines Group SA

Latam Airlines Group SA Chief Executive Roberto Alvo, seeking to stave off an overture from rival Azul SA, said the bankrupt air carrier’s Brazilian operations aren’t for sale.

Santiago-based Latam, which has now been in U.S. bankruptcy for more than a year, has its sights set on a strong Chapter 11 exit -- not a piecemeal sale of the business, Alvo said in an interview Wednesday. The carrier’s shares briefly slumped last week after it denied reports that Azul SA planned to buy Latam’s Brazilian subsidiary.