XML 202 R24.htm IDEA: XBRL DOCUMENT
v3.22.4

OTHER FINANCIAL LIABILITIES | 12 Months Ended
--- | ---
Dec. 31, 2022
Disclosure Of Other Liabilities Text Block Abstract |
OTHER FINANCIAL LIABILITIES | NOTE 18 - OTHER FINANCIAL LIABILITIES The composition of other financial liabilities is as follows:
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |
Current |  |  |  |  |  |
(a) Interest bearing loans |  |  | 629,106 |  |  |  | 3,869,040 |
(b) Lease Liability |  |  | 173,735 |  |  |  | 578,740 |
(c) Hedge derivatives |  |  | - |  |  |  | 2,734 |
(d) Derivative non classified as hedge accounting |  |  | - |  |  |  | 2,937 |
Total current |  |  | 802,841 |  |  |  | 4,453,451 |
Non-current |  |  |  |  |  |  |  |
(a) Interest bearing loans |  |  | 3,936,320 |  |  |  | 3,566,804 |
(b) Lease Liability |  |  | 2,042,719 |  |  |  | 2,381,898 |
Total non-current |  |  | 5,979,039 |  |  |  | 5,948,702 |
(a) | Interest bearing loans
Obligations with credit institutions and debt instruments:
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |
Current |  |  |  |  |  |
Loans to exporters |  | - |  |  | 159,161 |
Bank loans (3) |  |  | 353,284 |  |  |  | 415,087 |
Guaranteed obligations (5)(6) |  |  | 17,887 |  |  |  | 75,593 |
Other guaranteed obligations (1)(3) |  |  | 66,239 |  |  |  | 2,546,461 |
Subtotal bank loans |  |  | 437,410 |  |  |  | 3,196,302 |
Obligation with the public (3) |  |  | 33,383 |  |  |  | 396,345 |
Financial leases (4)(5)(6)(7) |  |  | 156,285 |  |  |  | 199,885 |
Other loans |  |  | 2,028 |  |  |  | 76,508 |
Total current (2) |  |  | 629,106 |  |  |  | 3,869,040 |
Non-current |  |  |  |  |  |  |  |
Bank loans (3) |  |  | 1,032,711 |  |  |  | 106,751 |
Guaranteed obligations (5)(6) |  |  | 307,174 |  |  |  | 434,942 |
Other guaranteed obligations |  |  | 408,065 |  |  |  | 178,961 |
Subtotal bank loans |  |  | 1,747,950 |  |  |  | 720,654 |
Obligation with the public (3) |  |  | 1,256,416 |  |  |  | 1,856,853 |
Financial leases (4)(5)(6)(7) |  |  | 931,954 |  |  |  | 989,297 |
Total non-current (2) |  |  | 3,936,320 |  |  |  | 3,566,804 |
Total obligations with financial institutions (2) |  |  | 4,565,426 |  |  |  | 7,435,844 |
| (1) | During March and April 2020, LATAM Airlines Group S.A. drew the entirety (US$ 600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The line is guaranteed with collateral made up of aircraft, engines and spare parts, which was fully drawn until November 3, 2022. Once emerged from Chapter 11, this line was fully repaid and is available to be drawn.
| (2) | On May 26, 2020 LATAM Airlines Group S.A. and its subsidiaries in Chile, Peru, Colombia and Ecuador filed for protection under Chapter 11 of the United States bankruptcy law in the Court for the Southern District of New York. Under Section 362 of the Bankruptcy Code. The same occurred for TAM LINHAS AÉREAS S.A and its affiliates (all LATAM affiliates in Brazil), dated July 9, 2020. Filing for Chapter 11 automatically suspends most actions against LATAM and its affiliates, including most of actions to collect financial obligations incurred before the Chapter 11 filing date or to exercise control over the property of LATAM and its affiliates. Consequently, although the bankruptcy filing may have caused defaults for some of the obligations of LATAM and its affiliates, the counterparties cannot take any action as a result of such defaults.
Then, on November 3, 2022, the Company and all of its subsidiaries successfully emerged from Chapter 11.
| (3) | On September 29, 2020, LATAM Airlines Group S.A. obtained Debtor-in-Possession (“DIP”) financing for a total of US$2,450 million, composed of US$1,300 million of a tranche A (“Tranche A”) and US$1,150 million of a tranche C (“Tranche C” ), of which US$750 million were provided by related parties. Obligations under the DIP were secured by assets owned by LATAM and certain of its subsidiaries, including, but not limited to, shares, certain engines and spare parts.
On October 8, 2020, LATAM made a partial withdrawal for US$1,150 million from Tranche A and Tranche C, and then, on or around June 22, 2021, LATAM made an additional withdrawal for US$500 million from Tranche A and Tranche C. On October 18, 2021, LATAM Airlines Group S.A. obtained court approval for a Tranche B (“Tranche B”) of the DIP Financing for up to a total of US$750 million. The obligations of this Tranche B, like the previous tranches, were guaranteed with the same guarantees granted by LATAM and its subsidiaries subject to the Chapter 11 Procedure, included without limitation, by pledges on shares, certain engines and spare parts. The following draws on the DIP must be done from Tranche B until the proportion drawn is equal to the proportion drawn on the other tranches. When the proportions were the same, new draws are done on a pro-rata basis on all tranches. On November 10, 2021, the Company made a partial transfer for US$200 million from Tranche B and later on December 28, 2021, LATAM made a new transfer for MUS$ 100. After these transfers, LATAM still It had US$1,250 million of line available for future transfers. On March 14, 2022, LATAM made a transfer for MUS$ 38.6 from Tranche A, US$227.3 million from Tranche B and US$34.1 million from Tranche C. The DIP had an expiration date of April 8, 2022, subject to a potential extension, at LATAM’s decision, for an additional 60 days in the event that LATAM’s reorganization plan has been confirmed by a United States Court order. for the Southern District of New York, but the plan is not yet effective. Finally, it should be noted that this extension was not carried out and that this DIP financing was paid in full on April 8, 2022, being replaced by a new consolidated and modified DIP Credit Agreement. On February 17, 2022, LATAM submitted an initial proposal (the “Consolidated and Modified Initial DIP Financing Proposal”) of a consolidated and modified text of the contract called Super-Priority Debtor-In-Possession Term Loan Agreement before the Court of Bankruptcies of the Southern District of New York. On March 14, 2022, the Board of Directors of the Company, unanimously, approved the Amended and Restated DIP Financing Proposal, subject to the approval of the Court. On March 14, 2022, a new consolidated and modified contract of the Existing DIP Credit Agreement (the “Amended and Restated DIP Credit Agreement”) was submitted to the Court for its approval. The NewDIP Credit Agreement (i) refinances and fully replaces the existing Tranches A, B and C in the Existing DIP Credit Agreement; (ii) contemplates a maturity date in accordance with the calendar that the Debtors foresee to emerge from the Chapter 11 Procedure; and (iii) includes certain reductions in fees and interest compared to the Existing DIP Credit Agreement and the Recast and Amended DIP Initial Financing Proposal. Obligations under the DIP were secured by assets owned by LATAM and certain of its subsidiaries, including, but not limited to, shares, certain engines and spare parts. On April 8, 2022, a consolidated and modified text was signed (the “Amended and restated DIP Credit Agreement”) of the Original DIP Credit Agreement, which modifies and recasts said agreement and repays the obligations pending payment under it. (that is, under its Tranches A, B and C). The total amount of the Consolidated and Modified DIP Credit Agreement is US$3.700 million. The Consolidated and Amended DIP Credit Agreement (i) includes certain reductions in fees and interest compared to the Existing DIP Credit Agreement; and (ii) contemplates an expiration date in accordance with the calendar that LATAM foresees to emerge from the Chapter 11 Procedure. Regarding the latter, the scheduled expiration date of the intitial DIP Credit Agreement was August 8, 2022, subject to to possible extensions that, in certain cases, had a deadline of November 30, 2022. Likewise, on April 8, 2022, the initial disbursement took place under the Amended and Restated DIP Credit Agreement for the amount of US$2,750 million. On April 28, 2022, an amendment to this contract was signed, extending the expiration date from August 8, 2022 to October 14, 2022. On October 12, 2022, this Amended and Restated DIP Credit Agreement was fully repaid with the DIP-to-Exit financing, which contemplated US$750 million of a bridge financing for senior secured notes maturing in 2027, US$750 million of another bridge financing for senior secured notes due 2029, US$750 Mn of a Term Financing, US$1,146 million of a Junior DIP financing, and US$ 500 million of an undrawn Revolving Credit Facility. The DIP-to-exit financing was collateralized by assets owned by LATAM and by certain of its subsidiaries. The Junior DIP contemplated a subordinate priority to the rest of the credits. On October 18, 2022, the Bridge Loans were partially repaid by; (i) a Note issued from registration under U.S. Securities Act of 1933, as amended (“the “Securities Act”), pursuant to Rule 144A and Regulation S, both under the Securities Act, due in 2027 (the “5 Year Note”), with a total principal amount of US$ 450 million, and (ii) a Note issued from registration under the Securities Act pursuant to Rule 144A and Regulation A, both under the Securities Act, due in 2029 (the “7 Year Note”), with a total principal amount of US$ 700 million. In the context of the Company’s exit from the Chapter 11 proceedings on November 3, 2022, the DIP-to-Exit financing was fully repaid with the funds from the exit financing issued by the Company, which included US$350 million corresponding to an incremental loan Term B; US$450 million in senior secured notes due 2027, US$700 million in senior secured notes due 2029 and a Term Financing of US$1,1 billion, with part of the proceeds from the capital increase implemented in the context of the reorganization process for a total of approximately US$10,3 billion, through the issuance of new payment shares and convertible notes. On March 31, 2021, the United States Court for the Southern District of New York approved and, subsequently, on April 13, 2021, issued an order approving the motion presented by the Company to extend certain leases of 3 aircraft.
| (4) | On June 17, 2021, the United States Court for the Southern District of New York approved the motion presented by the Company to reject the lease of an aircraft financed under a financial lease in the amount of US$130.7 million.
| (5) | On June 30, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 3 aircraft financed under a financial lease in the amount of US$ 307.4 million.
| (6) | On November 1, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 1 engine financed under a financial lease in the amount of US$ 19.5 million.
Balances by currency of interest bearing loans are as follows:
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Currency |  | ThUS$ |  |  | ThUS$ |
Brazilian real |  |  | 314,322 |  |  |  | 338,953 |
Chilean peso (U.F.) |  |  | 157,288 |  |  |  | 639,710 |
US Dollar |  |  | 4,093,816 |  |  |  | 6,457,181 |
Total |  |  | 4,565,426 |  |  |  | 7,435,844 |
Interest-bearing loans due in installments to December 31, 2022 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile.
|  |  |  |  |  |  |  | Nominal values |  |  | Accounting values |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  |  |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | More than |  |  | Total |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | More than |  |  | Total |  |  |  |  | Annual
|  |  |  | Creditor |  |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | nominal |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | accounting |  |  |  |  | Effective |  |  | Nominal |
Tax No. |  | Creditor |  | country |  | Currency |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | Amortization |  | rate |  |  | rate |
|  |  |  |  |  |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  |  |  | % |  |  | % |
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | SANTANDER |  | Spain |  | US$ |  |  | - |  |  |  | - |  |  |  | 70,951 |  |  |  | - |  |  |  | - |  |  |  | 70,951 |  |  |  | 173 |  |  |  | - |  |  |  | 70,951 |  |  |  | - |  |  |  | - |  |  |  | 71,124 |  |  | Quaterly |  |  | 7,26 |  |  |  | 7,26 |
0-E |  | GOLDMAN SACHS |  | U.S.A. |  | US$ |  |  | 2,750 |  |  |  | 8,250 |  |  |  | 22,000 |  |  |  | 1,067,000 |  |  |  | - |  |  |  | 1,100,000 |  |  |  | 30,539 |  |  |  | 8,250 |  |  |  | 22,000 |  |  |  | 939,760 |  |  |  | - |  |  |  | 1,000,549 |  |  | Quaterly |  |  | 18.46 |  |  |  | 13.38 |
Obligations with the public |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
97.036.000- K |  | SANTANDER |  | Chile |  | UF |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 156,783 |  |  |  | 156,783 |  |  |  | 505 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 156,783 |  |  |  | 157,288 |  |  | At Expiration |  |  | 2.00 |  |  |  | 2.00 |
97.036.000- K |  | SANTANDER |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 3 |  |  | At Expiration |  |  | 1,00 |  |  |  | 1,00 |
0 - E |  | WILMINGTON TRUST COMPANY |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 450,000 |  |  |  | 700,000 |  |  |  | 1,150,000 |  |  |  | - |  |  |  | 32,878 |  |  |  | - |  |  |  | 430,290 |  |  |  | 669,340 |  |  |  | 1,132,508 |  |  | At Expiration |  |  | 15.00 |  |  |  | 13,38 |
Guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  |  | 1,761 |  |  |  | 6,907 |  |  |  | 22,890 |  |  |  | 26,035 |  |  |  | 126,605 |  |  |  | 184,198 |  |  |  | 2,637 |  |  |  | 6,907 |  |  |  | 22,212 |  |  |  | 25,627 |  |  |  | 126,048 |  |  |  | 183,431 |  |  | Quaterly |  |  | 5,76 |  |  |  | 5,76 |
0-E |  | WILMINGTON TRUST COMPANY |  | U.S.A. |  | US$ |  |  | 2,208 |  |  |  | 6,110 |  |  |  | 32,620 |  |  |  | 33,210 |  |  |  | 67,457 |  |  |  | 141,605 |  |  |  | 2,233 |  |  |  | 6,110 |  |  |  | 32,620 |  |  |  | 33,210 |  |  |  | 67,457 |  |  |  | 141,630 |  |  | Quaterly/Monthly |  |  | 8.20 |  |  |  | 8.20 |
- |  | SWAP Received aircraft |  | - |  | US$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  | Quaterly |  |  | - |  |  |  | - |
Other guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CREDIT AGRICOLE |  | France |  | US$ |  |  | - |  |  |  | 14,667 |  |  |  | 29,333 |  |  |  | 231,000 |  |  |  | - |  |  |  | 275,000 |  |  |  | 3,837 |  |  |  | 14,667 |  |  |  | 26,153 |  |  |  | 228,880 |  |  |  | - |  |  |  | 273,537 |  |  | Quaterly |  |  | 8,24 |  |  |  | 8,24 |
0-E |  | MUFG |  | U.S.A. |  | US$ |  |  | 11,345 |  |  |  | 34,624 |  |  |  | 66,419 |  |  |  | - |  |  |  | - |  |  |  | 112,388 |  |  |  | 11,404 |  |  |  | 34,624 |  |  |  | 66,419 |  |  |  | - |  |  |  | - |  |  |  | 112,447 |  |  | Quaterly |  |  | 6.23 |  |  |  | 6.23 |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1470 |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 1,470 |  |  | At Expiration |  |  | 1,00 |  |  |  | 1,00 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | 17,737 |  |  |  | 36,431 |  |  |  | 32,444 |  |  |  | 86,612 |  |  |  | 237 |  |  |  | - |  |  |  | 17,738 |  |  |  | 36,431 |  |  |  | 32,444 |  |  |  | 86,850 |  |  | Quaterly |  |  | 2.01 |  |  |  | 1.78 |
Financial leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  |  | 6,825 |  |  |  | 5,689 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,514 |  |  |  | 6,888 |  |  |  | 5,689 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,577 |  |  | Quaterly |  |  | 6.19 |  |  |  | 5.47 |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  |  | 6,596 |  |  |  | 20,048 |  |  |  | 1,521 |  |  |  | - |  |  |  | - |  |  |  | 28,165 |  |  |  | 6,776 |  |  |  | 20,048 |  |  |  | 1,516 |  |  |  | - |  |  |  | - |  |  |  | 28,340 |  |  | Quaterly |  |  | 5.99 |  |  |  | 5.39 |
0-E |  | NATIXIS |  | France |  | US$ |  |  | 6,419 |  |  |  | 19,341 |  |  |  | 53,207 |  |  |  | 55,696 |  |  |  | 104,475 |  |  |  | 239,138 |  |  |  | 8,545 |  |  |  | 19,341 |  |  |  | 52,881 |  |  |  | 55,478 |  |  |  | 103,905 |  |  |  | 240,150 |  |  | Quaterly |  |  | 6.44 |  |  |  | 6.44 |
0-E |  | US BANK |  | U.S.A. |  | US$ |  |  | 16,984 |  |  |  | 51,532 |  |  |  | 84,177 |  |  |  | - |  |  |  | - |  |  |  | 152,693 |  |  |  | 17,831 |  |  |  | 51,532 |  |  |  | 79,805 |  |  |  | - |  |  |  | - |  |  |  | 149,168 |  |  | Quaterly |  |  | 4.06 |  |  |  | 2.85 |
0-E |  | PK AIRFINANCE |  | U.S.A. |  | US$ |  |  | 1,533 |  |  |  | 4,664 |  |  |  | 6,393 |  |  |  | - |  |  |  | - |  |  |  | 12,590 |  |  |  | 1,579 |  |  |  | 4,664 |  |  |  | 6,393 |  |  |  | - |  |  |  | - |  |  |  | 12,636 |  |  | Quaterly |  |  | 5.97 |  |  |  | 5.97 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | 113,668 |  |  |  | 180,260 |  |  |  | 152,581 |  |  |  | 446,509 |  |  |  | 1,923 |  |  |  | - |  |  |  | 112,666 |  |  |  | 178,672 |  |  |  | 151,236 |  |  |  | 444,497 |  |  | Quaterly |  |  | 3.58 |  |  |  | 2.79 |
0-E |  | BANK OF UTAH |  | U.S.A. |  | US$ |  |  | 2321 |  |  |  | 6568 |  |  |  | 20990 |  |  |  | 30557 |  |  |  | 121801 |  |  |  | 182,237 |  |  |  | 2321 |  |  |  | 6568 |  |  |  | 20990 |  |  |  | 30557 |  |  |  | 121801 |  |  |  | 182,237 |  |  | Monthly |  |  | 10,45 |  |  |  | 10,45 |
Others loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | Various (*) |  |  |  | US $ |  |  | 2,028 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,028 |  |  |  | 2,028 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,028 |  |  | At Expiration |  |  | - |  |  |  | - |
|  | Total |  |  |  |  |  |  | 60,770 |  |  |  | 178,400 |  |  |  | 541,906 |  |  |  | 2,110,189 |  |  |  | 1,462,149 |  |  |  | 4,353,414 |  |  |  | 100,926 |  |  |  | 211,278 |  |  |  | 532,344 |  |  |  | 1,958,905 |  |  |  | 1,429,017 |  |  |  | 4,232,470 |  |  |  |  |  |  |  |  |  |  |
(*) | Obligation to creditors for executed letters of credit.
Interest-bearing loans due in installments to December 31, 2022 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil
|  |  |  |  |  |  |  | Nominal values |  |  | Accounting values |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  | More |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  | More |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | than |  |  | Total |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | than |  |  | Total |  |  |  |  | Annual |
|  |  |  | Creditor |  |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | nominal |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | accounting |  |  |  |  | Effective |  |  | Nominal |
|  | Tax No. |  | Country |  | Currency |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | Amortization |  | rate |  |  | rate |
|  |  |  |  |  |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  |  |  | % |  |  | % |
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | Merril Lynch Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Products LLC |  | U.S.A. |  | BRL |  |  | 304,549 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 304,549 |  |  |  | 314,322 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 314,322 |  |  | Monthly |  |  | 3,95 |  |  |  | 3,95 |
Financial lease |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | NATIXIS |  | France |  | US |  | $ | 510 |  |  |  | 1,530 |  |  |  | 4,080 |  |  |  | 4,080 |  |  |  | 7,846 |  |  |  | 18,046 |  |  |  | 1,050 |  |  |  | 1,530 |  |  |  | 4,080 |  |  |  | 4,080 |  |  |  | 7,894 |  |  |  | 18,634 |  |  | Semiannual/Quaterly |  |  | 7.23 |  |  |  | 7.23 |
|  | Total |  |  |  |  |  |  | 305,059 |  |  |  | 1,530 |  |  |  | 4,080 |  |  |  | 4,080 |  |  |  | 7,846 |  |  |  | 322,595 |  |  |  | 315,372 |  |  |  | 1,530 |  |  |  | 4,080 |  |  |  | 4,080 |  |  |  | 7,894 |  |  |  | 332,956 |  |  |  |  |  |  |  |  |  |  |
|  | Total consolidated |  |  |  |  |  |  | 365,829 |  |  |  | 179,930 |  |  |  | 545,986 |  |  |  | 2,114,269 |  |  |  | 1,469,995 |  |  |  | 4,676,009 |  |  |  | 416,298 |  |  |  | 212,808 |  |  |  | 536,424 |  |  |  | 1,962,985 |  |  |  | 1,436,911 |  |  |  | 4,565,426 |  |  |  |  |  |  |  |  |  |  |
Interest-bearing loans due in installments to December 31, 2021 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile.
|  |  |  |  |  |  |  | Nominal values |  |  | Accounting values |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  | More |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  | More |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | than |  |  | Total |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | than |  |  | Total |  |  |  |  | Annual |
|  |  |  | Creditor |  |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | nominal |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | accounting |  |  |  |  | Effective |  |  | Nominal |
Tax No. |  | Creditor |  | country |  | Currency |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | Amortization |  | rate |  |  | rate |
|  |  |  |  |  |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  |  |  | % |  |  | % |
Loans to exporters |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  |  | 114,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 114,000 |  |  |  | 123,366 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 123,366 |  |  | At Expiration |  |  | 2.96 |  |  |  | 2.96 |
76.645.030-K |  | ITAU |  | Chile |  | US$ |  |  | 20,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,000 |  |  |  | 22,742 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 22,742 |  |  | At Expiration |  |  | 4.20 |  |  |  | 4.20 |
0-E |  | HSBC |  | England |  | US$ |  |  | 12,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,000 |  |  |  | 13,053 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,053 |  |  | At Expiration |  |  | 4.15 |  |  |  | 4.15 |
Bank loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
97.023.000-9 |  | CORPBANCA |  | Chile |  | UF |  |  | 10,106 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,106 |  |  |  | 11,040 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,040 |  |  | Quaterly |  |  | 3.35 |  |  |  | 3.35 |
0-E |  | SANTANDER |  | Spain |  | US$ |  |  | - |  |  |  | - |  |  |  | 106,427 |  |  |  | - |  |  |  | - |  |  |  | 106,427 |  |  |  | 135 |  |  |  | - |  |  |  | 106,427 |  |  |  | - |  |  |  | - |  |  |  | 106,562 |  |  | Quaterly |  |  | 2.80 |  |  |  | 2.80 |
0-E |  | CITIBANK |  | U.S.A. |  | UF |  |  | 60,935 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 60,935 |  |  |  | 64,293 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 64,293 |  |  | At Expiration |  |  | 3.10 |  |  |  | 3.10 |
Obligations with the public |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
97.030.000-7 |  | BANCOESTADO |  | Chile |  | UF |  |  | - |  |  |  | 159,679 |  |  |  | - |  |  |  | - |  |  |  | 343,218 |  |  |  | 502,897 |  |  |  | 49,584 |  |  |  | 159,679 |  |  |  | - |  |  |  | - |  |  |  | 355,114 |  |  |  | 564,377 |  |  | At Expiration |  |  | 4.81 |  |  |  | 4.81 |
0-E |  | BANK OF NEW YORK |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | 700,000 |  |  |  | 800,000 |  |  |  | - |  |  |  | 1,500,000 |  |  |  | 187,082 |  |  |  | - |  |  |  | 698,450 |  |  |  | 803,289 |  |  |  | - |  |  |  | 1,688,821 |  |  | At Expiration |  |  | 7.16 |  |  |  | 6.94 |
Guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  |  | 16,079 |  |  |  | 12,412 |  |  |  | 34,958 |  |  |  | 37,891 |  |  |  | 97,135 |  |  |  | 198,475 |  |  |  | 17,926 |  |  |  | 12,412 |  |  |  | 34,044 |  |  |  | 37,466 |  |  |  | 96,379 |  |  |  | 198,227 |  |  | Quaterly |  |  | 1.48 |  |  |  | 1.48 |
0-E |  | MUFG |  | U.S.A. |  | US$ |  |  | 29,054 |  |  |  | 11,661 |  |  |  | 32,639 |  |  |  | 34,970 |  |  |  | 58,388 |  |  |  | 166,712 |  |  |  | 31,375 |  |  |  | 11,661 |  |  |  | 32,188 |  |  |  | 34,733 |  |  |  | 57,983 |  |  |  | 167,940 |  |  | Quaterly |  |  | 1.64 |  |  |  | 1.64 |
0-E |  | WILMINGTON TRUST |  | U.S.A. |  | US$ |  |  | - |  |  |  | 2,209 |  |  |  | 24,703 |  |  |  | 32,327 |  |  |  | 85,119 |  |  |  | 144,358 |  |  |  | - |  |  |  | 2,209 |  |  |  | 24,703 |  |  |  | 32,327 |  |  |  | 85,119 |  |  |  | 144,358 |  |  | Quaterly/Mensual |  |  | 3.17 |  |  |  | 1.60 |
|  | COMPANY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- |  | SWAP Received aircraft |  | - |  | US$ |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  | Quaterly |  |  | - |  |  |  | - |
Other guaranteed obligations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CREDIT AGRICOLE |  | France |  | US$ |  |  | 273,199 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 273,199 |  |  |  | 274,403 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 274,403 |  |  | At Expiration |  |  | 1.82 |  |  |  | 1.82 |
0-E |  | MUFG |  | U.S.A. |  | US$ |  |  | 7,551 |  |  |  | 33,131 |  |  |  | 91,435 |  |  |  | 24,816 |  |  |  | - |  |  |  | 156,933 |  |  |  | 8,259 |  |  |  | 33,131 |  |  |  | 91,255 |  |  |  | 24,816 |  |  |  | - |  |  |  | 157,461 |  |  | Quaterly |  |  | 1.72 |  |  |  | 1.72 |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  |  | - |  |  |  | 600,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 600,000 |  |  |  | 95 |  |  |  | 600,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 600,095 |  |  | At Expiration |  |  | 2.00 |  |  |  | 2.00 |
0-E |  | BANK OF UTAH |  | U.S.A. |  | US$ |  |  | - |  |  |  | 1,644,876 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,644,876 |  |  |  | - |  |  |  | 1,630,390 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,630,390 |  |  | At Expiration |  |  | 22.71 |  |  |  | 12.97 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 25,876 |  |  |  | 37,014 |  |  |  | 62,890 |  |  |  | 183 |  |  |  | - |  |  |  | - |  |  |  | 25,876 |  |  |  | 37,014 |  |  |  | 63,073 |  |  | Quaterly |  |  | 1.84 |  |  |  | 1.84 |
Financial leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | CREDIT AGRICOLE |  | France |  | US$ |  |  | 682 |  |  |  | 1,370 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,052 |  |  |  | 694 |  |  |  | 1,370 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,064 |  |  | Quaterly |  |  | 3.68 |  |  |  | 3.23 |
0-E |  | CITIBANK |  | U.S.A. |  | US$ |  |  | 19,101 |  |  |  | 52,371 |  |  |  | 12,513 |  |  |  | - |  |  |  | - |  |  |  | 83,985 |  |  |  | 19,198 |  |  |  | 52,371 |  |  |  | 12,359 |  |  |  | - |  |  |  | - |  |  |  | 83,928 |  |  | Quaterly |  |  | 1.37 |  |  |  | 0.79 |
0-E |  | BNP PARIBAS |  | U.S.A. |  | US$ |  |  | 7,216 |  |  |  | 19,537 |  |  |  | 28,165 |  |  |  | - |  |  |  | - |  |  |  | 54,918 |  |  |  | 7,313 |  |  |  | 19,537 |  |  |  | 27,905 |  |  |  | - |  |  |  | - |  |  |  | 54,755 |  |  | Quaterly |  |  | 1.56 |  |  |  | 0.96 |
0-E |  | NATIXIS |  | France |  | US$ |  |  | 1,335 |  |  |  | 15,612 |  |  |  | 52,010 |  |  |  | 54,443 |  |  |  | 138,058 |  |  |  | 261,458 |  |  |  | 4,472 |  |  |  | 15,612 |  |  |  | 51,647 |  |  |  | 54,064 |  |  |  | 137,430 |  |  |  | 263,225 |  |  | Quaterly |  |  | 2.09 |  |  |  | 2.09 |
0-E |  | US BANK |  | U.S.A. |  | US$ |  |  | 16,601 |  |  |  | 50,373 |  |  |  | 135,201 |  |  |  | 17,492 |  |  |  | - |  |  |  | 219,667 |  |  |  | 17,755 |  |  |  | 50,373 |  |  |  | 127,721 |  |  |  | 17,188 |  |  |  | - |  |  |  | 213,037 |  |  | Quaterly |  |  | 4.03 |  |  |  | 2.84 |
0-E |  | PK AIRFINANCE |  | U.S.A. |  | US$ |  |  | 800 |  |  |  | 3,842 |  |  |  | 11,562 |  |  |  | 647 |  |  |  | - |  |  |  | 16,851 |  |  |  | 903 |  |  |  | 3,842 |  |  |  | 11,562 |  |  |  | 647 |  |  |  | - |  |  |  | 16,954 |  |  | Quaterly |  |  | 1.88 |  |  |  | 1.88 |
0-E |  | EXIM BANK |  | U.S.A. |  | US$ |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 248,354 |  |  |  | 284,773 |  |  |  | 533,127 |  |  |  | 1,771 |  |  |  | - |  |  |  | - |  |  |  | 244,490 |  |  |  | 280,341 |  |  |  | 526,602 |  |  | Quaterly |  |  | 2.88 |  |  |  | 2.03 |
Others loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | Various (*) |  |  |  | US$ |  |  | 55,819 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 55,819 |  |  |  | 55,819 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 55,819 |  |  | At Expiration |  |  | - |  |  |  | - |
|  | Total |  |  |  |  |  |  | 644,488 |  |  |  | 2,607,073 |  |  |  | 1,229,613 |  |  |  | 1,276,816 |  |  |  | 1,043,705 |  |  |  | 6,801,695 |  |  |  | 911,471 |  |  |  | 2,592,587 |  |  |  | 1,218,261 |  |  |  | 1,274,896 |  |  |  | 1,049,380 |  |  |  | 7,046,595 |  |  |  |  |  |  |  |  |  |  |
(*) | Obligation to creditors for executed letters of credit.
Interest-bearing loans due in installments to December 31, 2021 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil
|  |  |  |  |  |  |  | Nominal values |  |  | Accounting values |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  | More |  |  |  |  |  |  |  |  | More than |  |  | More than |  |  | More than |  |  | More |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | than |  |  | Total |  |  | Up to |  |  | 90 days |  |  | one to |  |  | three to |  |  | than |  |  | Total |  |  |  |  | Annual |
Bank |  |  |  | Creditor |  |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | nominal |  |  | 90 |  |  | to one |  |  | three |  |  | five |  |  | five |  |  | accounting |  |  |  |  | Effective |  |  | Nominal |
loans |  | Tax No. |  | Country |  | Currency |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | days |  |  | year |  |  | years |  |  | years |  |  | years |  |  | value |  |  | Amortization |  | rate |  |  | rate |
|  |  |  |  |  |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  |  |  | % |  |  | % |
0-E |  | NCM |  | Netherlands |  | US$ |  |  | 619 |  |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | - |  |  |  | 943 |  |  |  | 666 |  |  |  | - |  |  |  | 324 |  |  |  | - |  |  |  | - |  |  |  | 990 |  |  | Monthly |  |  | 6.01 |  |  |  | 6.01 |
0-E |  | BANCO BRADESCO |  | Brazil |  | BRL |  |  | 74,661 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 74,661 |  |  |  | 98,864 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 98,864 |  |  | Monthly |  |  | 4.33 |  |  |  | 4.33 |
0-E |  | Merril Lynch Credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Products LLC |  | U.S.A. |  | BRL |  |  | 185,833 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 185,833 |  |  |  | 240,089 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 240,089 |  |  | Monthly |  |  | 3.95 |  |  |  | 3.95 |
Financial lease |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | NATIXIS |  | France |  | US$ |  |  | 433 |  |  |  | 2,482 |  |  |  | 2,872 |  |  |  | 11,539 |  |  |  | - |  |  |  | 17,326 |  |  |  | 637 |  |  |  | 2,481 |  |  |  | 2,872 |  |  |  | 11,539 |  |  |  | - |  |  |  | 17,529 |  |  | Quaterly |  |  | 2.74 |  |  |  | 2.74 |
0-E |  | GA Telessis LLC |  | U.S.A. |  | US$ |  |  | 320 |  |  |  | 1,147 |  |  |  | 2,695 |  |  |  | 2,850 |  |  |  | 3,987 |  |  |  | 10,999 |  |  |  | 409 |  |  |  | 1,147 |  |  |  | 2,695 |  |  |  | 2,850 |  |  |  | 3,987 |  |  |  | 11,088 |  |  | Monthly |  |  | 14.72 |  |  |  | 14.72 |
Others loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0-E |  | DEUTCHEBANK (*) |  | Brazil |  | US$ |  |  | 20,689 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,689 |  |  |  | 20,689 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 20,689 |  |  | At Expiration |  |  | - |  |  |  | - |
|  | Total |  |  |  |  |  |  | 282,555 |  |  |  | 3,629 |  |  |  | 5,891 |  |  |  | 14,389 |  |  |  | 3,987 |  |  |  | 310,451 |  |  |  | 361,354 |  |  |  | 3,628 |  |  |  | 5,891 |  |  |  | 14,389 |  |  |  | 3,987 |  |  |  | 389,249 |  |  |  |  |  |  |  |  |  |  |
|  | Total consolidated |  |  |  |  |  |  | 927,043 |  |  |  | 2,610,702 |  |  |  | 1,235,504 |  |  |  | 1,291,205 |  |  |  | 1,047,692 |  |  |  | 7,112,146 |  |  |  | 1,272,825 |  |  |  | 2,596,215 |  |  |  | 1,224,152 |  |  |  | 1,289,285 |  |  |  | 1,053,367 |  |  |  | 7,435,844 |  |  |  |  |  |  |  |  |  |  |
(*) | Obligation to creditors for executed letters of credit
(b) | Lease Liability:
The movement of the lease liabilities corresponding to the years reported are as follow:
|  |  |  |  |  |  |  | Lease |
|  |  |  |  |  |  |  | Liability |
|  | Aircraft |  |  | Others |  |  | total |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Opening balance as January 1, 2020 |  |  | 3,042,231 |  |  |  | 129,926 |  |  |  | 3,172,157 |
New contracts |  |  | - |  |  |  | 543 |  |  |  | 543 |
Lease termination (*) |  |  | (7,435 | ) |  |  | (285 | ) |  |  | (7,720 | )
Renegotiations |  |  | (35,049 | ) |  |  | 4,919 |  |  |  | (30,130 | )
Payments |  |  | (131,427 | ) |  |  | (36,689 | ) |  |  | (168,116 | )
Accrued interest |  |  | 158,253 |  |  |  | 9,348 |  |  |  | 167,601 |
Exchange differences |  |  | - |  |  |  | (7,967 | ) |  |  | (7,967 | )
Cumulative translation adjustment |  |  | - |  |  |  | (38 | ) |  |  | (38 | )
Other increases (decreases) |  |  | - |  |  |  | (5,324 | ) |  |  | (5,324 | )
Changes |  |  | (15,658 | ) |  |  | (35,493 | ) |  |  | (51,151 | )
Closing balance as of December 31, 2020 |  |  | 3,026,573 |  |  |  | 94,433 |  |  |  | 3,121,006 |
Opening balance as January 1, 2021 |  |  | 3,026,573 |  |  |  | 94,433 |  |  |  | 3,121,006 |
New contracts |  |  | 518,478 |  |  |  | 875 |  |  |  | 519,353 |
Lease termination (*) |  |  | (724,193 | ) |  |  | (5,300 | ) |  |  | (729,493 | )
Renegotiations |  |  | 101,486 |  |  |  | 5,717 |  |  |  | 107,203 |
Payments |  |  | (95,831 | ) |  |  | (24,192 | ) |  |  | (120,023 | )
Accrued interest |  |  | 88,245 |  |  |  | 8,334 |  |  |  | 96,579 |
Exchange differences |  |  | - |  |  |  | 3,356 |  |  |  | 3,356 |
Cumulative translation adjustment |  |  | - |  |  |  | (2,332 | ) |  |  | (2,332 | )
Other increases (decreases) |  |  | (31,097 | ) |  |  | (3,914 | ) |  |  | (35,011 | )
Changes |  |  | (142,912 | ) |  |  | (17,456 | ) |  |  | (160,368 | )
Closing balance as of December 31,2021 |  |  | 2,883,661 |  |  |  | 76,977 |  |  |  | 2,960,638 |
Opening balance as January 1, 2022 |  |  | 2,883,661 |  |  |  | 76,977 |  |  |  | 2,960,638 |
New contracts |  |  | 354,924 |  |  |  | 13,019 |  |  |  | 367,943 |
Lease termination (*) |  |  | (19,606 | ) |  |  | - |  |  |  | (19,606 | )
Renegotiations |  |  | (76,233 | ) |  |  | (4,198 | ) |  |  | (80,431 | )
Exit effect of chapter 11 (**) |  |  | (995,888 | ) |  |  | - |  |  |  | (995,888 | )
Payments |  |  | (154,823 | ) |  |  | (26,172 | ) |  |  | (180,995 | )
accrued interest |  |  | 142,939 |  |  |  | 9,194 |  |  |  | 152,133 |
Exchange differences |  |  | - |  |  |  | 2,279 |  |  |  | 2,279 |
Subsidiaries conversion difference |  |  | (2 | ) |  |  | 7,463 |  |  |  | 7,461 |
other variations |  |  | - |  |  |  | 2,920 |  |  |  | 2,920 |
Changes |  |  | (748,689 | ) |  |  | 4,505 |  |  |  | (744,184 | )
Closing balance as of December 31,2022 |  |  | 2,134,972 |  |  |  | 81,482 |  |  |  | 2,216,454 |
(*) | As of December 31, 2022 these correspond to anticipated lease terminations. For December 31, 2021 and 2020 these correspond to fleet rejections.
(**) | Corresponds to the effect of emergence from Chapter 11 ThUS$679,273 associated with claims (Derecognition of assets for right of use for ThUS$639,728 (See Note 24 (4)) and conversion of Notes for ThUS$39,545) and ThUS$316,615 due to IBR rate change.
The company recognizes the interest payments related to the lease liabilities in the consolidated result under Financial expenses (See Note 26 (c)).
(c) | Hedge derivatives
|  | Current liabilities |  |  | Non-current liabilities |  |  | Total hedge derivatives |
|  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Fair value of interest rate derivatives |  |  | - |  |  |  | 2,734 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,734 |
Total hedge derivatives |  |  | - |  |  |  | 2,734 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,734 |
(d) Derivatives that do not qualify for hedge accounting
|  | Current liabilities |  |  | Non-current liabilities |  |  | Total derivatives of no coverage |
|  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
Derivative of foreign currency not registered as hedge |  |  | - |  |  |  | 2,937 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,937 |
Total derived not qualify as hedge accounting |  |  | - |  |  |  | 2,937 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,937 |
The foreign currency derivatives correspond to options, forwards and swaps. Hedging operation The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below:
|  | As of |  |  | As of |
|  | December 31, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | ThUS$ |  |  | ThUS$ |
Interest rate swaps (1) |  |  | 8,816 |  |  |  | (2,734 | )
Fuel options (2) |  |  | 12,594 |  |  |  | 17,641 |
Foreign currency derivative R$/US$ (3) |  |  | 191 |  |  |  | - |
(1) | They cover the significant variations in the cash flows associated with the market risk implicit in the increases in the 3-month LIBOR interest rate, SOFR, among others, for long-term loans originated by the acquisition or rental of aircraft and Bank credits. These contracts are recorded as cash flow hedge contracts.
(2) | Hedge significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges.
(3) | Hedge significant variations in expected cash flows associated with the market risk implicit in changes in exchange rates, particularly the BRL/R$. These contracts are recorded as cash flow hedge contracts.
The Company only maintains cash flow hedges. In the case of fuel hedges, the cash flows subject to such hedges will occur and will impact results in the next 12 months from the date of the consolidated statement of financial position. All hedging operations have been performed for highly probable transactions, except for fuel hedge. See Note 3. See Note 24 (h) for reclassification to profit or loss for each hedging operation and Note 17 (b) for deferred taxes related.

X
- Definition The disclosure of other liabilities. [Refer: Other liabilities] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfOtherLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ltm_DisclosureOfOtherLiabilitiesTextBlockAbstract
Namespace Prefix: | ltm_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration