Chile: Latam shares drop 18% after Deutsche Bank says minority shareholders could lose all

The bank also changed its recommendation from hold to sell and forecasts a 98% drop for existing shareholders.

RIO DE JANEIRO, BRAZIL - Days before Latam unveils its reorganization plan, the airline's shares fell 18% on Wednesday (24) after a Deutsche Bank report said that minority shareholders could lose everything, in the midst of its restructuring under Chapter 11 of the US Bankruptcy Law.

As detailed in the document, which was published by El Mercurio Inversiones, the bank lowered its target price for the ADR from US$2 to US$0.01 per unit, after increasing its projected loss for 2021 from US$1.697 billion to US$2.152 billion.

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