<SEC-DOCUMENT>0001615774-17-003576.txt : 20170817
<SEC-HEADER>0001615774-17-003576.hdr.sgml : 20170817
<ACCEPTANCE-DATETIME>20170712121743
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ACCESSION NUMBER:		0001615774-17-003576
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170712

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="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right">July 12, 2017</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>VIA EDGAR AND U.S. MAIL </U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Mr. Lyn Shenk</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Office of Transportation and Leisure</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">U.S. Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Washington, D.C. 20549-3561, U.S.A.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 7%; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 91%; text-align: justify; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LATAM Airlines Group S.A.</B></FONT></TD></TR>
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    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form 20-F for the Fiscal Year Ended December 31, 2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed March 30, 2017</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>File No. 001-14728</U></B></FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Dear Mr. Shenk:</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 20pt">By letter
dated June 27, 2017, 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, 2016. 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/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Staff&rsquo;s comment is
set forth below in boldface type.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>Form 20-F for Fiscal Year
Ended December 31, 2016</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>ITEM 5. OPERATING AND FINANCIAL REVIEW
AND PROSPECTS</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>F. Long Term Indebtedness</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Tabular Disclosure of Contractual
Obligations, page 67</U></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 34.55pt">&nbsp;</P>

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    <TD STYLE="width: 2%; padding-bottom: 10pt; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>1.</B></FONT></TD>
    <TD STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%"><B>We note your disclosure that Fleet Commitments represent &ldquo;the capex equivalent of purchasing all fleet arrivals.&rdquo; We also note in FN 2 you state the totals reflect &ldquo;LATAM&rsquo;s estimates regarding (i) changes in scheduled delivery dates; (ii) conversion of certain aircraft types and (iii) aircraft of which we do not expect to take delivery.&rdquo; It appears your disclosure of Fleet Commitments is based on your estimated fleet management including potentially converting aircraft types and cancelling or deferring orders. Please note the tabular disclosure of purchase obligations should disclose agreements to purchase goods or services that are enforceable and legally binding that specifies all significant terms (i.e., fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction). Refer to Item 5.F.2 of Form 20-F. Please clarify the nature of the $6.966 billion in Fleet Commitments disclosed as of December 31, 2016 with the footnote disclosures and guidance referenced above. In your response, please explain how you define the terminology &ldquo;capex equivalent of purchasing all fleet arrivals&rdquo; and clarify your disclosure as appropriate.</B></FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Staff correctly observes that
our disclosure is based on expected conversions of aircraft types and adjustments to aircraft quantities and delivery dates,
as of December 31, 2016. As is common in this industry, we routinely negotiate amendments to our purchase agreements with our
suppliers of aircraft to reflect these types of adjustments. Our tabular disclosure reflects commitments for the revised
quantities, dates and aircraft type if as of December 31 we have agreed the commercial terms of the relevant amendment with
the aircraft supplier. We prepare this section of the Form 20-F on the same basis on which we disclose forward-looking fleet
information to the market as part of our quarterly earnings communications, which we believe is the most useful information
to our investor and other readers of our Form 20-F based on our conversations with them. &#8206;Moreover, even though all
terms of the amendment may not be fully negotiated and executed as of December 31, the commercial terms reflect a meeting of
the minds between the Company and the aircraft supplier, and are not simply our unilateral expectations. Accordingly, we
believe that disclosure on this basis is appropriately responsive to the requirements of Form 20-F. In future filings, we
will clarify the intended meaning &#8206;of &ldquo;estimated&rdquo; to reflect the foregoing explanation.</P>

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


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

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">We use the term in FN 3, &ldquo;capex
equivalent of purchasing all fleet arrivals,&rdquo; to refer to our purchase commitments with aircraft suppliers as to which we
have not entered into financing agreements as of December 31 of the year covered by the Form 20-F. The amounts reflected in the
table in respect of these commitments is typically just the purchase price of the aircraft. As to aircraft for which we have entered
into financing arrangements, the tabular disclosure reflects the contractual amounts we will be required to pay in the respective
periods under the financing arrangements. Depending on the method of financing, these amounts might be payments under operating
leases, payments under financial leases, or payments under corporate debt obligations. If financing arrangements with respect to
an aircraft are completed in a fiscal year following the year in which the purchase commitment is entered into, the relevant &ldquo;capex
equivalent amount&rdquo; would be removed from the table and replaced by the amounts based on the financing arrangements. We will
clarify this presentation in future filings.</P>

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 34.5pt">We are grateful
for your assistance in this matter. We hope that our 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 Mar&iacute;a Jos&eacute;
Ortiz at (562) 2565 8765 or maria.ortiz@latam.com.</P>

<P STYLE="font: 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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    <TD STYLE="vertical-align: bottom; width: 2%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 91%; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: justify; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;<U>/s/
    Ramiro Alfonsin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramiro
    Alfonsin</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LATAM
    Airlines Group S.A.</FONT></TD></TR>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><I>&nbsp;</I></P>

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