UST Form 11-MOR (06/07/2021) 1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF
SOUTHERN NEW YORK
In Re. LATAM Airlines Group S.A.
Debtor(s)
§ §
§ §
Case No. 20-11254 Lead Case No. 20-11254
Jointly Administered
Monthly Operating Report Chapter 11
Reporting Period Ended: 07/31/2021 Petition Date: 05/26/2020
Months Pending: 14 4 8 1 1
Reporting Method: Accrual Basis
Debtor's Full-Time Employees (current):
Industry Classification:
Cash Basis 28,428 Debtor's Full-Time Employees (as of date of order for relief): 42,600
Supporting Documentation (check all that are attached):
(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor) Statement of cash receipts and disbursements
Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit Statement of operations (profit or loss statement)
Accounts receivable aging Postpetition liabilities aging Statement of capital assets
Schedule of payments to professionals Schedule of payments to insiders
All bank statements and bank reconciliations for the reporting period
Description of the assets sold or transferred and the terms of the sale or transfer
Printed Name of Responsible Party
Date
Address Signature of Responsible Party
08/31/2021
STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R.
§ 1320.4(a)(2) applies.
Presidente Riesco 5711, 20th Floor Santiago, Chile Ramiro Alfonsín Balza
/s/ Ramiro Alfonsín Balza
UST Form 11-MOR (06/07/2021) 2
Debtor's Name LATAM Airlines Group S.A. Case No. 20-11254
Part 1: Cash Receipts and Disbursements Current Month Cumulative
a. Cash balance beginning of month
b. Total receipts (net of transfers between accounts) c. Total disbursements (net of transfers between accounts) d. Cash balance end of month (a+b-c)
e. Disbursements made by third party for the benefit of the estate f. Total disbursements for quarterly fee calculation (c+e)
Part 2: Asset and Liability Status Current Month
(Not generally applicable to Individual Debtors. See Instructions.) a. Accounts receivable (total net of allowance)
b. Accounts receivable over 90 days outstanding (net of allowance) c. Inventory ( Book Market Other (attach explanation)) d Total current assets
e. Total assets
f. Postpetition payables (excluding taxes) g. Postpetition payables past due (excluding taxes) h. Postpetition taxes payable
i. Postpetition taxes past due j. Total postpetition debt (f+h) k. Prepetition secured debt l. Prepetition priority debt m. Prepetition unsecured debt n. Total liabilities (debt) (j+k+l+m) o. Ending equity/net worth (e-n)
Part 3: Assets Sold or Transferred Current Month Cumulative
a. Total cash sales price for assets sold/transferred outside the ordinary course of business
b. Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business
c. Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)
Part 4: Income Statement (Statement of Operations) Current Month Cumulative (Not generally applicable to Individual Debtors. See Instructions.)
a. Gross income/sales (net of returns and allowances) b. Cost of goods sold (inclusive of depreciation, if applicable) c. Gross profit (a-b)
d. Selling expenses
e. General and administrative expenses f. Other expenses
g. Depreciation and/or amortization (not included in 4b) h. Interest
i. Taxes (local, state, and federal) j. Reorganization items
k. Profit (loss)
$521,719,046.44 See Exhibit 2
N/A N/A N/A
$ 1,534,966,000 See Exhibit 1 See Exhibit 1
See Exhibit 4 See Exhibit 3
Note: Part A and Part D are both consolidated cash positions.
$ 1,140,417,000
UST Form 11-MOR (06/07/2021) 3
Debtor's Name LATAM Airlines Group S.A. Case No. 20-11254
Part 5: Professional Fees and Expenses
Approved
Current Month Approved
Cumulative Paid Current
Month Paid
Cumulative a. Debtor's professional fees & expenses (bankruptcy) Aggregate Total
Itemized Breakdown by Firm
Firm Name Role
i ii
Approved
Current Month Approved
Cumulative Paid Current
Month Paid
Cumulative b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total
Itemized Breakdown by Firm
Firm Name Role
i ii
c. All professional fees and expenses (debtor & committees)
Part 6: Postpetition Taxes Current Month Cumulative
a. Postpetition income taxes accrued (local, state, and federal) b. Postpetition income taxes paid (local, state, and federal) c. Postpetition employer payroll taxes accrued
d. Postpetition employer payroll taxes paid e. Postpetition property taxes paid
f. Postpetition other taxes accrued (local, state, and federal) g. Postpetition other taxes paid (local, state, and federal) Part 7: Questionnaire - During this reporting period:
a. Were any payments made on prepetition debt? (if yes, see Instructions) Yes No b. Were any payments made outside the ordinary course of business Yes No
without court approval? (if yes, see Instructions)
c. Were any payments made to or on behalf of insiders? Yes No
d. Are you current on postpetition tax return filings? Yes No
e. Are you current on postpetition estimated tax payments? Yes No f. Were all trust fund taxes remitted on a current basis? Yes No g. Was there any postpetition borrowing, other than trade credit? Yes No
(if yes, see Instructions)
h. Were all payments made to or on behalf of professionals approved by
the court? Yes No N/A
i. Do you have: Worker's compensation insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
Casualty/property insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
General liability insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions) j. Has a plan of reorganization been filed with the court? Yes No
See Exhibit 5
Not Applicable
Part 7: Not Applicable
See Exhibit 6
UST Form 11-MOR (06/07/2021) 4
Debtor's Name LATAM Airlines Group S.A. Case No. 20-11254
k. Has a disclosure statement been filed with the court? Yes No l. Are you current with quarterly U.S. Trustee fees as
set forth under 28 U.S.C. § 1930 ? Yes No
Part 8: Individual Chapter 11 Debtors (Only) a. Gross income (receipts) from salary and wages b. Gross income (receipts) from self-employment c. Gross income from all other sources
d. Total income in the reporting period (a+b+c) e. Payroll deductions
f. Self-employment related expenses g. Living expenses
h. All other expenses
i. Total expenses in the reporting period (e+f+g+h) j. Difference between total income and total expenses (d-i) k. List the total amount of all postpetition debts that are past due
l. Are you required to pay any Domestic Support Obligations as defined by 11
U.S.C § 101(14A)? Yes No
m. If yes, have you made all Domestic Support Obligation payments? Yes No N/A Privacy Act Statement
28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C.
§§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://
www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).
I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.
Signature of Responsible Party
Date Title
N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Ramiro Alfonsin Balza
Chief Financial Officer
/s/ Ramiro Alfonsín Balza
Signature of Responsible Party
08/31/2021
et al
Monthly Operating Report for all other 37
Debtors´s other than LATAM Airlines Group S.A.
The Debtors in these Chapter 11 Cases, along with the last four digits of each Debtor’s tax identification number (as applicable), are:
1. LATAM Airlines Group S.A. (59-2605885);
2. Lan Cargo S.A. (98-0058786);
3. Transporte Aéreo S.A. (96-9512807);
4. Inversiones Lan S.A. (96-5758100);
5. Technical Training LATAM S.A. (96-847880K);
6. LATAM Travel Chile II S.A. (76-2628945);
7. Lan Pax Group S.A. (96-9696800);
8. Fast Air Almacenes de Carga S.A. (96-6315202);
9. Línea Aérea Carguera de Colombia S.A. (26-4065780);
10. Aerovías de Integración Regional S.A. (98- 0640393);
11. LATAM Finance Ltd. (N/A);
12. LATAM-Airlines Ecuador S.A. (98-0383677);
13. Professional Airline Cargo Services, LLC (35-2639894);
14. Cargo Handling Airport Services LLC (30-1133972);
15. Maintenance Service Experts LLC (30-1130248);
16. Lan Cargo Repair Station LLC (83-0460010);
17. Prime Airport Services, Inc. (59-1934486);
18. Professional Airline Maintenance Services LLC (37-1910216);
19. Connecta Corporation (20-5157324);
20. Peuco Finance Ltd. (N/A);
21. Latam Airlines Perú S.A. (52-2195500);
22. Inversiones Aéreas S.A. (N/A);
23. Holdco Colombia II SpA (76 9310053);
24. Holdco Colombia I SpA (76-9336885);
25. Holdco Ecuador S.A. (76-3884082);
26. Lan Cargo Inversiones S.A. (96-9696908);
27. Lan Cargo Overseas Ltd. (85-7752959);
28. Mas Investment Ltd. (85-7753009);
29. Professional Airlines Services Inc. (65-0623014);
30. Piquero Leasing Limited (N/A);
31. TAM S.A. (N/A);
32. TAM Linhas Aéreas S.A. (65- 0773334);
33. Aerolinhas Brasileiras S.A. (98-0177579);
34. Prismah Fidelidade Ltda. (N/A);
35. Fidelidade Viagens e Turismo S.A. (27-2563952);
36. TP Franchising Ltda. (N/A);
37. Holdco I S.A. (76-1530348)
38. and Multiplus Corretora de Seguros Ltda. (N/A).
The Monthly Operating Report (“MOR”) for all other 37 entities, other than LATAM Airlines Group S.A. (“LATAM”), contains all the exact same information than LATAM´S MOR with the only exception of one matter corresponding to “f) Total disbursements for quarterly fee calculation” included in “Part 1: Cash Receipts and Disbursement” in the second page of the MOR. For each of the entities, the disbursements for quarterly fee calculation are as follows:
I. Exhibit 2
X1A0T
In re LATAM Airlines Group et al.
Debtors
Case No.
Reporting Period:
20-11254 07/01/2021 - 07/31/2021
(Unaudited - USD $)
Case Debtor 07/01/2021 - 07/31/2021
20-11254 LATAM Airlines Group S.A $ 521,719,046.44
20-11255 Transporte Aéreo S.A. $ 6,919,253.55
20-11256 Aerovías de Integración Regional S.A. (Aires S.A.) $ 21,869,722.73
20-11257 LATAM-Airlines Ecuador S.A. $ 6,309,189.19
20-11258 Latam Airlines Perú S.A. $ 52,233,631.40
20-11259 Lan Cargo S.A. $ 16,273,433.14
20-11260 Línea Aérea Carguera de Colombia SA $ 4,731,603.99
20-11261 Inversiones Lan S.A. $ 33.09
20-11262 Technical Training LATAM S.A $ 61,158.16
20-11263 LATAM Travel Chile II S.A. $ 131.84
20-11264 Lan Pax Group S.A. $ -
20-11265 Fast Air Almacenes de Carga S.A. $ 2,237,100.55
20-11266 LATAM Finance LTD $ 103.90
20-11267 Peuco Finance Ltd. $ -
20-11268 Professional Airline Cargo Services, LLC $ 692,219.30
20-11269 Cargo Handling Airport Services, LLC $ 2,588,031.53
20-11270 Maintenance Service Experts, LLC $ 196,374.10
20-11271 Lan Cargo Repair Station $ 563,338.54
20-11272 Prime Airport Services Inc. $ 495.74
20-11273 Professional Airline Maintenance Services, LLC $ 1,130,559.37
20-11274 Connecta Corporation $ 33,516.77
20-11275 Inversiones Aéreas S.A. $ 8.53
20-11276 Holdco Colombia II SpA $ -
20-11277 Holdco Colombia I SpA $ -
20-11278 Holdco Ecuador S.A. $ -
20-11279 Lan Cargo Inversiones S.A. $ -
20-11280 Lan Cargo Overseas Limited $ 253.00
20-11281 Mas Investment Limited $ -
20-11282 Professional Airline Services, Inc. $ 331,990.25
20-11597 TAM S.A. $ 425,176.39
20-11598 TAM Linhas Aereas S.A. $ 206,393,292.88
20-11603 Aerolinhas Brasileiras S.A. $ 5,410,961.10
20-11600 Prismah Fidelidade Ltda. $ 8,476,800.37
20-11601 Fidelidade Viagens e Turismo S.A. $ 549,681.42
20-11602 TP Franchising Ltda. $ 1,904.78
20-11604 Holdco I S.A. $ -
20-11599 Multiplus Corredora de Seguros Ltda. $ 170.25
20-11587 Piquero Leasing Limited $ -
Total $ 859,149,182.30
Note: A portion of the disbursements from certain Debtors may be subject to allocations to, or reimbursement from, other Debtors.
Exhibit 2: Statement of Disbursements for the period 07-01-2021 to 07-31-2021
In re LATAM Airlines Group et al. Case No. 20-11254
Debtors Reporting Period: 07/01/2021 - 07/31/2021
Exhibit 1: Statement of Cash Receipts and Disbursements (Unaudited - USD $ in 000's)
CASH FLOW FROM OPERATING ACTIVITIES
Cash Flows from Operating Activities
Proceeds from sale of goods or services $ 414,535
Other cash receipts from operating activities $ 3,766
Payments to suppliers for goods and services $ (409,511)
Payments to and on behalf of employees $ (73,178)
Other payments for operating activities $ (8,381)
Income taxes (paid) $ (6,675)
Other cash inflows (outflows) $ (16,265)
Net Cash (Used in) Provided by Operating Activities $ (95,708)
Cash Flows from Investing Activities
Cash flows arising from losses of control of subsidiaries or other businesses Other cash receipts from sales of equity or debt instruments of other entities
Other payments to acquire equity or debt instruments of other entities $ (3) Amounts raised from sale of property, plant and equipment
Purchase of property, plant and equipment $ (34,120)
Purchase of intangible assets $ (16,041)
Interest received $ 279
Other cash inflows (outflows)
Net Cash (Used in) Provided by Investing Activities $ (49,885)
Cash Flows from Financing Activities
Payments for changes in ownership interests in subsidiaries that do not result in loss of control Amounts raised from long-term loans
Amounts raised from short-term loans $ 567
Loans from Related Entities
Loans repayments $ (231,691)
Payment of lease liabilities $ (4,612)
Dividends Paid
Interest paid $ (7,406)
Other cash inflows (outflows) $ (33)
Net Cash (Used in) Provided by Financing Activities $ (243,175)
Net increase (decrease) in cash before exchange rate impacts $ (388,768)
Effects of variations in the exchange rate on cash and equivalents $ (5,781)
Net increase (decrease) in cash and cash equivalents $ (394,549)
Cash and cash equivalents, at beginning of period $ 1,534,966
Cash and Cash Equivalents, at end of period $ 1,140,417
31/07/2021
In re LATAM Airlines Group et al. Case No. 20-11254
Debtors Reporting Period: 07/01/2021 - 07/31/2021
(Unaudited - USD $)
Case Debtor 07/01/2021 - 07/31/2021
20-11254 LATAM Airlines Group S.A $ 521,719,046.44
20-11255 Transporte Aéreo S.A. $ 6,919,253.55
20-11256 Aerovías de Integración Regional S.A. (Aires S.A.) $ 21,869,722.73
20-11257 LATAM-Airlines Ecuador S.A. $ 6,309,189.19
20-11258 Latam Airlines Perú S.A. $ 52,233,631.40
20-11259 Lan Cargo S.A. $ 16,273,433.14
20-11260 Línea Aérea Carguera de Colombia SA $ 4,731,603.99
20-11261 Inversiones Lan S.A. $ 33.09
20-11262 Technical Training LATAM S.A $ 61,158.16
20-11263 LATAM Travel Chile II S.A. $ 131.84
20-11264 Lan Pax Group S.A. $ -
20-11265 Fast Air Almacenes de Carga S.A. $ 2,237,100.55
20-11266 LATAM Finance LTD $ 103.90
20-11267 Peuco Finance Ltd. $ -
20-11268 Professional Airline Cargo Services, LLC $ 692,219.30
20-11269 Cargo Handling Airport Services, LLC $ 2,588,031.53
20-11270 Maintenance Service Experts, LLC $ 196,374.10
20-11271 Lan Cargo Repair Station $ 563,338.54
20-11272 Prime Airport Services Inc. $ 495.74
20-11273 Professional Airline Maintenance Services, LLC $ 1,130,559.37
20-11274 Connecta Corporation $ 33,516.77
20-11275 Inversiones Aéreas S.A. $ 8.53
20-11276 Holdco Colombia II SpA $ -
20-11277 Holdco Colombia I SpA $ -
20-11278 Holdco Ecuador S.A. $ -
20-11279 Lan Cargo Inversiones S.A. $ -
20-11280 Lan Cargo Overseas Limited $ 253.00
20-11281 Mas Investment Limited $ -
20-11282 Professional Airline Services, Inc. $ 331,990.25
20-11597 TAM S.A. $ 425,176.39
20-11598 TAM Linhas Aereas S.A. $ 206,393,292.88
20-11603 Aerolinhas Brasileiras S.A. $ 5,410,961.10
20-11600 Prismah Fidelidade Ltda. $ 8,476,800.37
20-11601 Fidelidade Viagens e Turismo S.A. $ 549,681.42
20-11602 TP Franchising Ltda. $ 1,904.78
20-11604 Holdco I S.A. $ -
20-11599 Multiplus Corredora de Seguros Ltda. $ 170.25
20-11587 Piquero Leasing Limited $ -
Total $ 859,149,182.30
Note: A portion of the disbursements from certain Debtors may be subject to allocations to, or reimbursement from, other Debtors.
Exhibit 2: Statement of Disbursements for the period 07-01-2021 to 07-31-2021
In re LATAM Airlines Group et al. Case No. 20-11254
Debtors Reporting Period: 07/01/2021 - 07/31/2021
Exhibit 3: Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit 31/07/2021 (Unaudited - USD $ in 000's)
Debtors Non-Debtors Adjustments &
Eliminations Consolidated
ASSETS
Cash and Cash equivalents $ 1,098,210 $ 42,207 $ - $ 1,140,417
Other financial assets, current $ 81,047 $ 324 $ 278 $ 81,649 Other non financial assets, current $ 135,727 $ 7,205 $ (3,074)$ 139,858 Trade debtors and other accounts receivable, current $ 634,351 $ 742 $ - $ 635,093 Accounts receivable from related entities $ 4,942,246 $ 154,140 $ (5,095,521) $ 865
Inventory $ 293,376 $ 1,107 $ - $ 294,483
Current tax assets $ 37,500 $ 1,131 $ 260 $ 38,891
Total current assets other than non-current assets (or disposal groups) classified as held for sale or as
held for distribution to owners $ 7,222,457 $ 206,856 $ (5,098,057) $ 2,331,256
Non current assets or group of assets classified as available held for sale of for distribution to owners $ 254,955 $ - $ (24,585)$ 230,370
Total Current Assets $ 7,477,412 $ 206,856 $ (5,122,642) $ 2,561,626
Other financial assets, non current $ 10,837,136 $ 505,723 $ (11,309,147) $ 33,712
Other non financial assets, non current $ 226,695 $ 375 $ (99,172)$ 127,898 Accounts receivable, non current $ 4,793 $ - $ - $ 4,793 Accounts receivable from related entities $ 394,610 $ 2,011 $ (396,621) $ - Intangible assets other than goodwill $ 246,880 $ 92 $ 824,727 $ 1,071,699
Goodwill $ - $ - $ - $ -
Property, Plants and Equipment $ 8,564,361 $ 757,226 $ 347,769 $ 9,669,356
Current tax assets, non-current $ - $ - $ - $ -
Deferred tax assets $ 1,165,253 $ 169 $ 111 $ 1,165,533
Total Non-Current Assets $ 21,439,728 $ 1,265,596 $ (10,632,333) $ 12,072,991
TOTAL ASSETS $ 28,917,140 $ 1,472,452 $ (15,754,975) $ 14,634,617
LIABILITIES & SHAREHOLDERS' EQUITY LIABILITIES
Other financial liabilities, current $ 4,697,306 $ 102,411 $ - $ 4,799,717
Trade accounts payable and other accounts payable $ 3,021,272 $ 22,807 $ 50,609 $ 3,094,688 Accounts payable intercompany, current $ 5,553,313 $ 138,928 $ (5,097,516) $ 594,725
Other provisions $ 4,112 $ - $ 23,564 $ 27,676
Current tax liabilities $ 1,606 $ 154 $ - $ 1,760
Employee benefits related accruals $ - $ - $ - $ - Other non financial liabilities, current $ 2,173,629 $ 7,179 $ (46)$ 2,180,762
Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale $ 15,451,238 $ 271,479 $ (5,023,389) $ 10,699,328
Liabilities included in disposal groups classified as held for sale $ - $ - $ - $ -
Total Current Liabilities $ 15,451,238 $ 271,479 $ (5,023,389) $ 10,699,328
Other financial liabilities, non current $ 5,029,691 $ 485,704 $ - $ 5,515,395
Accounts payable, non current $ 519,348 $ 208,063 $ (57,755) $ 669,656
Accounts payable intercompany, non current $ 396,629 $ - $ (396,629) $ -
Other provisions $ 456,848 $ 1,570 $ 76,823 $ 535,241
Deferred Tax Liabilities $ 33,603 $ - $ 340,067 $ 373,670
Employee benefits related accruals $ 59,663 $ - $ - $ 59,663 Other non financial liabilities, non current $ 589,237 $ - $ (85) $ 589,152
Total Non-Current Liabilities $ 7,085,019 $ 695,337 $ (37,579) $ 7,742,777
TOTAL LIABILTIES $ 22,536,257 $ 966,816 $ (5,060,968) $ 18,442,105
SHAREHOLDERS' EQUITY
Share Capital $ 5,777,840 $ 1,026,130 $ (3,657,705) $ 3,146,265
Retained Earnings $ (2,141,139) $ (479,410) $ (2,924,203) $ (5,544,752)
Share Issue Premiums $ 709,805 $ 154 $ (709,959) $ -
Treasury Shares $ (178)$ - $ - $ (178)
Other Reserves $ 1,847,279 $ (43,436) $ (3,200,228) $ (1,396,385)
Minority Interest $ 187,276 $ 2,198 $ (201,912) $ (12,438)
TOTAL SHAREHOLDERS' EQUITY $ 6,380,883 $ 505,636 $ (10,694,007) $ (3,807,488)
TOTAL LIABILTIES & SHAREHOLDERS' EQUITY $ 28,917,140 $ 1,472,452 $ (15,754,975) $ 14,634,617
