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LATAM Airlines detailed a financing plan yesterday that the company hopes will finalize its exit from bankruptcy in the first week of November, Reuters reported. The company filed for chapter 11 in 2020 after airline travel plummeted during the pandemic, and won court approval that June. The reorganization plan would inject about $8 billion into the airline through a combination of capital increase, issue of convertible bonds and new debt. In a note sent to the market regulator late Tuesday night, LATAM detailed the structure of its exit financing that includes a $500 million revolving credit facility and a five-year term loan facility of $1.1 billion. It also includes $450 million in senior secured notes due in 2027 and $700 million in senior secured notes due in 2029, as well as $750 million five-year bridge-to-notes and another $750 million in seven-year bridge-to-notes.

Venezuela’s creditors welcomed its potential rapprochement with the U.S. but still face risks and uncertainties in collecting from the South American country’s bankrupt government as its relations with Washington, D.C.'s thaw, WSJ Pro Bankruptcy reported. A rollback of U.S. sanctions on Venezuelan oil points a way to resolving the country’s huge foreign debt obligations, but offers no immediate fix for its longstanding default, according to sanctions experts and other people close to its top external creditors. President Nicolás Maduro had asked Wall Street asset managers in recent months to press for an easing of U.S. sanctions to bring more Venezuelan crude oil into world markets — and to provide an opening for restructuring the country’s debts. Businesses and bondholders are barred from negotiating with Mr. Maduro’s administration, part of a wide-ranging sanctions campaign put in place by the U.S. under former President Donald Trump. The Biden administration is preparing to let Chevron Corp. resume drilling in Venezuela and to let the country’s oil exports flow to U.S. and European markets again, contingent on President Maduro embarking on talks with opposition leaders on holding free and fair elections, The Wall Street Journal reported this week. Some investors and analysts are voicing cautious optimism that other commercial relations with the Venezuelan government will also be allowed to resume, including possible restructuring talks with its creditors.

The commercial hub of Delaware is blocking startup ventures with past ties to Russia from maintaining their corporate standing in the state, ensnaring some tech firms that say they have little or no current connection to Russia following its invasion of Ukraine, WSJ Pro Bankruptcy reported. The Delaware Division of Corporations this year has told dozens of technology ventures incorporated in Delaware that they can’t do further business with the state after determining their corporate filings contained individuals or business addresses in Russia, according to lawyers and startup founders. Startup ventures that spring from Russia’s technology sector regularly incorporate in Delaware to establish a presence in the U.S. and seek venture investment, drawn to the state’s reputation as a hospitable corporate environment. Delaware is now extending U.S. sanctions meant to punish Russia for its invasion of Ukraine to business ventures incorporated in the state. Those that are blocked are in a legal limbo — still existing as Delaware corporations, but barred from making customary corporate filings or paying taxes to stay in good standing with the state. That puts legal and financial pressure on startups that were flagged based on individual connections to Russia, such as an individual corporate director, officer or investor located in the country. Blocked startups also can’t raise outside financing because they can’t amend their articles of incorporation in Delaware to issue new capital stock, according to several startup founders and their lawyers.