"At the beginning of 2020, LATAM was financially and operationally one of the strongest groups in Latin America and poised to continue its upward trajectory", chief financial officer Ramiro Alfonsín Balza said in a court filing.
"To the extent permitted by law, the group would welcome other shareholders interested in participating in this process to provide additional financing", the airline said, adding it had about $1.3 billion in cash on hand.
The group says its intention is to " transform its business to maintain a leading position in Latin American aviation in the post COVID-19 era".
However, there's no word yet on whether its largest shareholder, Delta Air Lines, with 20% of the company, will step in to help.
In Brazil, LATAM for weeks has been negotiating a bailout of up to 2 billion reais ($367.45 million) that has yet to materialize.
Shares fell up to 41% in premarket trading in the USA before trading was suspended, a common practice when companies file for bankruptcy.
USA carrier Delta Air Lines Inc is the biggest shareholder in LATAM, having past year paid $1.9billion for a 20 per cent stake during better times for the industry.
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LATAM has filed for Chapter 11 bankruptcy protection.
"Given the impact that the Covid-19-generated crisis has had on the aviation industry, LATAM has been forced to make a series of extremely hard decisions in the past few months", said the airline's chief executive Roberto Alvo in a video statement.
Chapter 11 provides a legal framework under which LATAM and its included affiliates in Chile, Peru, Colombia, Ecuador, and the USA will be able to restructure and right-size their operations.
LATAM has between $10 billion and $50 billion in assets and liabilities, according to its bankruptcy petition.
The airline will continue to fly while it is in bankruptcy protection and its affiliates in Argentina, Brazil and Paraguay were not included in the so-called Chapter 11 filing.
Through a video, Roberto Alvo, CEO of LATAM Airlines Group, sought to bring peace of mind to passengers, "The company states that there will be no impact on cargo, booking, voucher or Latampass miles and points operations". Latam was born in 2012 after Lan announced plans to merge with Tam for about $3.3 billion two years earlier. LATAM said it would seek to cancel several of those orders, but didn't provide details.
LATAM said that as of Tuesday it had $7.6 billion in debt, including $460 million in loans tied to its Brazilian subsidiary which is not part of the bankruptcy process.