Davis Polk was honored by Turnaround Management Association (TMA) for the firm’s role advising Delta Air Lines in connection with the chapter 11 cases of LATAM Airlines Group. LATAM’s chapter 11 restructuring was named “International Company Turnaround/Transaction of the Year” for the Turnaround Management Association’s 2023 Turnaround and Transaction of the Year Awards. The awards recognize the most successful turnarounds and impactful transactions industrywide.

Davis Polk guided Delta through all phases of LATAM’s chapter 11 cases, including structuring and documenting a unique debtor-in-possession financing during the height of the COVID-19 pandemic; defending the DIP financing from challenges by various creditor constituencies; securing the assumption of key contracts between Delta and LATAM, which paved the way for the consummation of a valuable joint venture between Delta and the largest Latin American airline group; defending Delta against fraudulent transfer claims pursued by a committee of unsecured creditors; and actively participating in structuring and mediating a plan of reorganization that allowed LATAM to emerge from bankruptcy.

The Turnaround and Transaction of the Year Awards will be presented on October 5, 2023, at the TMA Annual Conference in San Francisco.