<SEC-DOCUMENT>0001615774-16-006155.txt : 20160817
<SEC-HEADER>0001615774-16-006155.hdr.sgml : 20160817
<ACCEPTANCE-DATETIME>20160630172554
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001615774-16-006155
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LATAM AIRLINES GROUP S.A.
		CENTRAL INDEX KEY:			0001047716
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PRESIDENTE RIESCO 5711 20TH FLOOR
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			999999999
		BUSINESS PHONE:		5625652525

	MAIL ADDRESS:	
		STREET 1:		PRESIDENTE RIESCO 5711 20TH FLOOR
		STREET 2:		LAS CONDES
		CITY:			SANTIAGO
		STATE:			F3
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Lan Airlines SA
		DATE OF NAME CHANGE:	20041015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAN CHILE SA
		DATE OF NAME CHANGE:	19990427

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHILEAN AIRLINE SA  LANCHILE
		DATE OF NAME CHANGE:	19971010
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 30, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR AND U.S. MAIL </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Lyn Shenk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities &amp; Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>LATAM Airlines Group S.A.<BR>
Form 20-F for Fiscal Year Ended December 31, 2015<BR>
Filed April 29, 2016<BR>
<U>File No. 001-14728</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Shenk:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By letter dated June
22, 2016, the staff of the Securities and Exchange Commission (the &ldquo;Staff&rdquo; and the &ldquo;Commission,&rdquo; respectively)
provided comments to LATAM Airlines Group S.A.&rsquo;s Form 20-F for the Fiscal Year Ended December 31, 2015. In response to the
Staff&rsquo;s comments and on behalf of LATAM Airlines Group S.A. and its consolidated subsidiaries (collectively, &ldquo;LATAM&rdquo;
or the &ldquo;Company&rdquo;), we hereby submit the response below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Staff&rsquo;s comment is set forth below
in boldface type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form 20-F for Fiscal Year Ended December 31, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Consolidated Financial Statements </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Consolidated Statement of Cash Flows, page F-12</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>1. On page 7 you state that LATAM did not pay dividends regarding periods 2013, 2014 and 2015.
However, it is reported on the statement of cash flows that dividends were paid in each of these years. Please tell us what the
dividend payments reported on the statement of cash flows represent. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">Dividends
disclosed in the statement of cash flows for the years 2013, 2014 and 2015 relate to dividends paid by subsidiaries of LATAM Airlines
Group in which the Company has an ownership interest of less than 100%. Specifically, they correspond to dividends paid by Lan
Per&uacute; S.A. and by Multiplus S.A., a subsidiary of TAM and a publicly traded company in Brazil. Therefore, these dividends
represent the payments made by subsidiaries to holders of the non-controlling interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>You state on page 19 of the 20-F that you offer services through code-sharing and interline
agreements to destinations in Africa and the Middle East, regions that include Sudan and Syria. You state on page 29 that you are
a member of oneworld alliance, and you identify Qatar as an alliance member. The oneworld alliance website offers flights serving
Sudan, through Qatar Airways. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Sudan and Syria are designated
by the U.S. Department of State as state sponsors of terrorism, and are subject to U.S. economic sanctions and export controls.
Please describe to us the nature and extent of any past, current, and anticipated contacts with Sudan and Syria since your letter
to us dated February 10, 2014, whether through subsidiaries, affiliates, partners, joint ventures, alliance members or other direct
or indirect arrangements. You should describe any services, products, information or technology you have provided to Sudan or Syria,
directly or indirectly, and any agreements, commercial arrangements, or other contacts you have had with the governments of those
countries or entities they control.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">LATAM does
not operate any flights, directly or through code share agreements, to either Sudan or Syria. LATAM has no assets (including no
jointly owned businesses) or employees in Sudan or Syria. LATAM is member of the Oneworld alliance, which has a total of 15 member
airlines. Some of these other airline participants of the Oneworld alliance may have operations in or flights to and from Syria
and Sudan. In addition, we are party to interline agreements, which allow participating carriers to indirectly sell destinations
through interline services. LATAM, however does not believe that its participation in these very limited interline sales pose a
material investment risk for its security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Please discuss the materiality of any contacts with Sudan and Syria you describe in response
to the comment above, and whether those contacts constitute a material investment risk for your security holders. You should address
materiality in quantitative terms, including the approximate dollar amounts of any associated revenues, assets, and liabilities
for the last three fiscal years and the subsequent interim period. Also, address materiality in terms of qualitative factors that
a reasonable investor would deem important in making an investment decision, including the potential impact of corporate activities
upon a company's reputation and share value. As you know, various state and municipal governments, universities, and other investors
have proposed or adopted divestment or similar initiatives regarding investment in companies that do business with U.S.-designated
state sponsors of terrorism. You should address the potential impact of the investor sentiment evidenced by such actions directed
toward companies that have operations associated with Sudan and Syria. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As described
in more detail below, LATAM does not consider its current very limited interline sales to said destinations to pose a material
investment risk for its security holders, notwithstanding the fact that Sudan and Syria have been identified by the U.S. State
Department as sponsors of terrorism and are subject to U.S. economic sanctions and asset controls. LATAM has considered both quantitative
and qualitative factors in reaching this conclusion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Quantitative
Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">As stated
above, LATAM does not operate any flights, directly or through code share agreements, to either Sudan or Syria. LATAM does not
generate any revenues, either from its passenger or its cargo business, related to operations in or flights to and from Syria by
other Oneworld participating airlines. Regarding Sudan, LATAM generates less than 0, 01% of its revenues from interline sales to
and from such destination by other Oneworld participating airlines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><B>Non-Quantitative
Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">With respect
to non-quantitative factors, LATAM does not believe that such limited interline sales pose a material investment risk for our security
holders. LATAM discloses its relationship with Oneworld members on its website and in its annual reports on Form 20-F. Based on
communications with investors and analysts who follow LATAM, LATAM has no reason to believe that either its existing shareholders
or potential new investors would consider its current interline relations with airlines that have flights to and from or operations
in Sudan and Syria as a factor negatively affecting LATAM&rsquo;s reputation or share value. LATAM respectfully submits that its
current interline sales of destinations is not uncommon in the airline industry, and represents the norm rather than the exception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In summary,
notwithstanding the fact that Sudan and Syria have been identified by the U.S. State Department as sponsors of terrorism and are
subject to U.S. economic sanctions and asset controls, LATAM does not believe that its current involvement in such operations pose
a material investment risk for our security holders, considering both quantitative and non-quantitative factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
your request, LATAM acknowledge that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The company is responsible for the adequacy and accuracy of the disclosure in the filing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission
from taking any action with respect to the filing; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The company may not assert staff comments as a defense in any proceeding initiated by the Commission
or any person under the federal securities laws of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">LATAM is grateful for
your assistance in this matter. LATAM trusts that its responses adequately address the Staff&rsquo;s comments. If the Staff has
any questions concerning this letter or requires further assistance, please do not hesitate to contact Gisela Escobar at (562)
2565 8785 or gisela.escobar@latam.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <TD STYLE="text-align: justify">&nbsp;</td>
    <td colspan="2" style="text-align: justify"><font style="font-size: 10pt">Sincerely,</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <td colspan="2" style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Enrique Cueto Plaza</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">Chief Executive Officer </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: justify"><font style="font-size: 10pt">LATAM Airlines Group S.A.</font></td></tr>
</table>
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