[1][2] It is considered the largest airline company in Latin America[5][6] with subsidiaries in Brazil, Colombia, Ecuador, Paraguay and Peru.

[7][8][9][10][11] The company filed for Chapter 11 bankruptcy in the United States on 26 May 2020, due to economic problems attributed to the impact of the COVID-19 pandemic on aviation.

The company's stock ticker (LTMAQ) was delisted from the NYSE and later moved to the unregulated OTC Markets Pink on 12 June 2020.

These included transferring four landing slots at São Paulo–Guarulhos International Airport to competitors interested in operating flights to Santiago de Chile's Arturo Merino Benítez International Airport, renouncing membership to either the Oneworld or Star Alliance airline alliance, restricting the increase in capacity on flights between Brazil and Chile, and opening code-share possibilities and fidelity program membership to interested competitors.

[28] On 26 May 2020, LATAM filed for Chapter 11 bankruptcy in the United States due to economic problems attributed to the impact of the COVID-19 pandemic on aviation,[12] although they are currently operating and have been negotiating terms.

The company is exploring the creation of a new hub in northeastern Brazil with the objective of expanding operations between Europe and South America.