LATAM Airlines Group and its affiliates in Chile, Peru, Colombia, Ecuador and the United States have filed for Chapter 11 bankruptcy protection as it struggles what it said is "the biggest crisis in aviation history."

The airline is a key carrier for Chilean salmon exports into the United States.

"In light of the effects of Covid-19 on the worldwide aviation industry, this reorganization process provides LATAM with an opportunity to work with the group’s creditors and other stakeholders to reduce its debt, access new sources of financing and continue operating, while enabling the group to transform its business to this new reality."