Strategic Value Partners Acquires 12.6% Stake in LATAM Airlines

Strategic Value Partners LLC and affiliated entities have filed a Schedule 13D/A (Amendment No. 3) regarding their holdings in LATAM Airlines Group.

Rhea-AI Filing Summary

Strategic Value Partners LLC and affiliated entities have filed a Schedule 13D/A (Amendment No. 3) regarding their holdings in LATAM Airlines Group. The filing discloses significant ownership positions across multiple entities:

Key Holdings:

• Strategic Value Partners LLC holds the largest position with shared voting and dispositive power over 76.3 billion shares, representing 12.6% of the class
• Ashton Gate S.a.r.l. and SVP Special Situations V LLC each control 31.7 billion shares (5.2%)
• Grouse Moor S.a.r.l. and SVP Special Situations IV LLC each hold 18.3 billion shares (3.0%)
• Green Pasture S.a.r.l. and SVP Capital Solutions LLC each control 16.7 billion shares (2.8%)

The filing indicates a complex ownership structure through multiple Luxembourg and Delaware-based entities, with all shares held with shared voting and dispositive power rather than sole control. This amendment was triggered by events occurring on June 18, 2025.

Positive

• Strategic Value Partners LLC has accumulated a significant 12.6% ownership stake in LATAM Airlines Group, becoming a major shareholder
• Multiple affiliated investment entities have coordinated substantial positions, suggesting strong institutional confidence in the company

Negative

• None.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Strategic Value Partners LLC's total ownership stake in LTM (LATAM Airlines)?

Strategic Value Partners LLC beneficially owns 76,307,210,279 shares, representing a 12.6% ownership stake in LATAM Airlines Group S.A. (LTM) as reported in their Schedule 13D/A filing from June 28, 2025.

Who are the major shareholders disclosed in LTM's latest 13D filing?

The major shareholders disclosed include: Strategic Value Partners LLC (12.6%), Ashton Gate S.a.r.l. (5.2%), SVP Special Situations V LLC (5.2%), Grouse Moor S.a.r.l. (3.0%), SVP Special Situations IV LLC (3.0%), and Green Pasture S.a.r.l. (2.8%).

What type of voting power does Strategic Value Partners have over its LTM shares?

Strategic Value Partners LLC has no sole voting power (0 shares) but holds shared voting power over 76,307,210,279 shares. Similarly, it has no sole dispositive power but maintains shared dispositive power over the same number of shares.

When was the triggering event that required this LTM Schedule 13D filing?

The event that required this Schedule 13D filing occurred on June 18, 2025, as indicated in the 'Date of Event Which Requires Filing of This Statement' field in the filing.

How many LTM shares does Ashton Gate S.a.r.l. control?

Ashton Gate S.a.r.l. controls 31,667,866,769 shares of LATAM Airlines Group S.A. (LTM), representing 5.2% of the company's shares, with shared voting and dispositive power over all these shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/18/2025 - 09:11 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

LATAM Airlines Group S.A.

(Name of Issuer)

American Depositary Shares, each representing 2,000 shares of Common Stock without par value

(Title of Class of Securities)

51817R205

(CUSIP Number)

Gabe Brecher
Strategic Value Partners, LLC, 100 West Putnam Avenue
Greenwich, CT, 06830
(203) 618-3500

Louis Rambo
Proskauer Rose, LLP, Eleven Times Square
New York, NY, 10036
(212) 969-3000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/18/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Strategic Value Partners, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 76,307,210,279.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 76,307,210,279.00

11

Aggregate amount beneficially owned by each reporting person

76,307,210,279.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Ashton Gate S.a.r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 31,667,866,769.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,667,866,769.00

11

Aggregate amount beneficially owned by each reporting person

31,667,866,769.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

SVP Special Situations V LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 31,667,866,769.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,667,866,769.00

11

Aggregate amount beneficially owned by each reporting person

31,667,866,769.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Wild Heath S.a.r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,443,439,800.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,443,439,800.00

11

Aggregate amount beneficially owned by each reporting person

4,443,439,800.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

SVP Special Situations III-A LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,443,439,800.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,443,439,800.00

11

Aggregate amount beneficially owned by each reporting person

4,443,439,800.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.7 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Grouse Moor S.a.r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 18,262,318,818.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 18,262,318,818.00

11

Aggregate amount beneficially owned by each reporting person

18,262,318,818.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

SVP Special Situations IV LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 18,262,318,818.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 18,262,318,818.00

11

Aggregate amount beneficially owned by each reporting person

18,262,318,818.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Meadow Garden s.a.r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 857.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 857.00

11

Aggregate amount beneficially owned by each reporting person

857.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Green Pasture S.a.r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 16,692,792,895.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,692,792,895.00

11

Aggregate amount beneficially owned by each reporting person

16,692,792,895.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

SVP Capital Solutions LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 16,692,792,895.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,692,792,895.00

11

Aggregate amount beneficially owned by each reporting person

16,692,792,895.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Strategic Value New Rising Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,240,791,140.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,240,791,140.00

11

Aggregate amount beneficially owned by each reporting person

5,240,791,140.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

SVP New Rising Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,240,791,140.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,240,791,140.00

11

Aggregate amount beneficially owned by each reporting person

5,240,791,140.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 51817R205

1

Name of reporting person

Victor Khosla

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 76,307,210,279.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 76,307,210,279.00

11

Aggregate amount beneficially owned by each reporting person

76,307,210,279.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: American Depositary Shares, each representing 2,000 shares of Common Stock without par value
(b)	Name of Issuer: LATAM Airlines Group S.A.
(c)	Address of Issuer's Principal Executive Offices: Presidente Riesco 5711, 20th floor, Las Condes, Santiago, CHILE , 00000.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is amended and supplemented as follows: On June 16, 2025, the Funds entered into an Underwriting Agreement with J.P. Morgan Securities LLC (the "Underwriter"), the Issuer and the other selling shareholders named therein. Pursuant to the Underwriting Agreement, the Funds sold to the Underwriters 3,646,741 ADSs, each representing 2,000 shares of Common Stock, at a price per ADS of $36.55 (the "Underwritten Offering"). The ADS purchased by the Underwriters were issued by JPMorgan Chase Bank, N.A. (the "Depositary") and are evidenced by American Depositary Receipts ("ADRs") pursuant to the Deposit Agreement, dated as of September 21, 2017, as amended by the first amendment, dated as of March 12, 2021, and the second amendment, dated as of July 24, 2024 (the "Deposit Agreement"), among the Issuer, the Depositary, and all holders from time to time of the ADRs issued thereunder evidencing ADS representing deposited shares of Common Stock. The Underwritten Offering was effected pursuant to an automatic shelf registration statement on Form F-3 (File No. 333-280866) filed by the Issuer on July 18, 2024. The Underwritten Offering closed on June 18, 2025. In accordance with the Underwriting Agreement, the Funds entered into a lock-up agreement with the Underwriters agreeing that, subject to certain exceptions, they may not, during period beginning on June 16, 2025 and continuing to and including the date that is 45 days after the date of the final prospectus related to the Underwriting Agreement, (i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of Common Stock or ADS, or any options or warrants to purchase any shares of Common Stock or ADS, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock or ADS (such shares of Common Stock, ADS, options, rights, warrants or other securities, collectively, the "Lock-Up Securities"), (ii) engage in any hedging or other transaction or arrangement which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition, or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement would be settled by delivery of Common Stock, ADS or other securities, in cash or otherwise, (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clauses (i), (ii) or (iii) above. The foregoing description of the lock-up agreement does not purport to be complete and is qualified in its entirety by reference to the lock-up agreement filed as an exhibit hereto and which is incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is amended and supplemented as follows: Items 7 through 11 and 13 of each of the cover pages of this Schedule 13D are incorporated herein by reference. The ownership percentage appearing on such cover pages has been calculated based on 604,441,789,335 shares of Common Stock outstanding as of June 17, 2025, as reported in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(7) with the Securities and Exchange Commission on June 17, 2025.
(b)	Items 7 through 10 of the cover pages to this Schedule 13D are incorporated herein by reference.
(c)	The disclosure in Item 4 of this Amendment No. 3 to Schedule 13D is incorporated by reference herein. Except for the information incorporated by reference herein, none of the Reporting Persons has effected any transaction related to the Common Stock during the past 60 days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The disclosure set forth in Item 4 of this Amendment No. 3 to Schedule 13D is incorporated by reference into this Item 6.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.6 Lock-Up Agreement, dated June 16, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Strategic Value Partners, LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	06/18/2025

Ashton Gate S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	06/18/2025

SVP Special Situations V LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	06/18/2025

Wild Heath S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	06/18/2025

SVP Special Situations III-A LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	06/18/2025

Grouse Moor S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	06/18/2025

SVP Special Situations IV LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	06/18/2025

Meadow Garden s.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	06/18/2025

Green Pasture S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	06/18/2025

SVP Capital Solutions LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	06/18/2025

Strategic Value New Rising Fund, L.P.

Signature:	/s/ Lewis Schwartz
Name/Title:	By: SVP NEW RISING GP LTD., its general partner; By: Lewis Schwartz, Chief Financial Officer
Date:	06/18/2025

SVP New Rising Management LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	06/18/2025

Victor Khosla

Signature:	/s/ Victor Khosla
Name/Title:	Victor Khosla
Date:	06/18/2025