SVP Files 13D/A: 14.25M LATAM ADS Underwritten Offering, Lock-Up Agreed

Rhea-AI Filing Summary

Strategic Value Partners and related entities filed Amendment No. 6 to a Schedule 13D reporting transactions in LATAM Airlines Group S.A. (ADS ticker LTM). The filing states that on August 13, 2025 the Funds entered into an Underwriting Agreement to sell 14,250,000 American Depositary Shares (each ADS represents 2,000 common shares) to J.P. Morgan Securities LLC and Barclays Capital Inc. at $42.35 per ADS, in an offering scheduled to close August 18, 2025. The ADSs were issued by JPMorgan Chase Bank under the Deposit Agreement. The Funds agreed to a customary lock-up restricting dispositions of shares from August 16, 2025 through 30 days after the final prospectus. The cover pages show aggregate shared voting and dispositive power of 41,007,576,002 ADS-equivalent votes, representing 6.8% of the class based on 604,441,789,335 common shares outstanding.

Positive

• Underwritten offering completed via registered shelf at a disclosed price of $42.35 per ADS, providing transparent sale terms
• Ownership transparency with cover pages reporting aggregate beneficial ownership and percent of class (6.8% based on issuer prospectus supplement)

Negative

• Reduction of freely tradable shares subject to a lock-up restricting dispositions for the reporting funds for roughly 30 days after the final prospectus
• Large block sale (14,250,000 ADSs) may increase market supply near closing, potentially affecting short-term ADS liquidity or price

Insights

Securities Analyst

TL;DR: Funds sold a block of LATAM ADSs via an underwritten offering; remaining holdings still reported at 6.8%.

The amendment discloses a registered underwritten sale of 14,250,000 ADSs at $42.35 per ADS to underwriters, executed under an automatic shelf registration statement. The transaction is structured as a primary secondary offering with a lock-up imposing a roughly one-month restriction after the final prospectus. Ownership calculations use 604,441,789,335 common shares outstanding per the issuer's prospectus supplement. This is a marketable liquidity event by the reporting funds and a routine disclosure under Schedule 13D/A.

Risk & Regulatory Specialist

TL;DR: Filing documents a coordinated sale and standard lock-up; no litigation or other adverse arrangements disclosed.

The filing incorporates cover page ownership figures and the underwriting and lock-up agreements as material contractual arrangements. Source-of-funds is listed as 'OO' and no legal proceedings are disclosed. The lock-up exceptions are not detailed here but the lock-up agreement is filed as Exhibit 99.6. There is no other change reported for transactions within the past 60 days aside from the offering disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

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 E. Rambo, Esq.
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)

08/13/2025

(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 41,007,576,002.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,007,576,002.00

11

Aggregate amount beneficially owned by each reporting person

41,007,576,002.00

12

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

13

Percent of class represented by amount in Row (11)

6.8 %

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 17,018,345,375.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,018,345,375.00

11

Aggregate amount beneficially owned by each reporting person

17,018,345,375.00

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 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 17,018,345,375.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 17,018,345,375.00

11

Aggregate amount beneficially owned by each reporting person

17,018,345,375.00

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

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 2,387,909,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,387,909,900.00

11

Aggregate amount beneficially owned by each reporting person

2,387,909,900.00

12

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

13

Percent of class represented by amount in Row (11)

0.4 %

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 2,387,909,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,387,909,900.00

11

Aggregate amount beneficially owned by each reporting person

2,387,909,900.00

12

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

13

Percent of class represented by amount in Row (11)

0.4 %

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 9,814,189,823.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,814,189,823.00

11

Aggregate amount beneficially owned by each reporting person

9,814,189,823.00

12

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

13

Percent of class represented by amount in Row (11)

1.6 %

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 9,814,189,823.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,814,189,823.00

11

Aggregate amount beneficially owned by each reporting person

9,814,189,823.00

12

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

13

Percent of class represented by amount in Row (11)

1.6 %

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 573.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 573.00

11

Aggregate amount beneficially owned by each reporting person

573.00

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 8,970,723,789.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,970,723,789.00

11

Aggregate amount beneficially owned by each reporting person

8,970,723,789.00

12

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

13

Percent of class represented by amount in Row (11)

1.5 %

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 8,970,723,789.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,970,723,789.00

11

Aggregate amount beneficially owned by each reporting person

8,970,723,789.00

12

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

13

Percent of class represented by amount in Row (11)

1.5 %

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 2,816,406,542.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,816,406,542.00

11

Aggregate amount beneficially owned by each reporting person

2,816,406,542.00

12

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

13

Percent of class represented by amount in Row (11)

0.5 %

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 2,816,406,542.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,816,406,542.00

11

Aggregate amount beneficially owned by each reporting person

2,816,406,542.00

12

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

13

Percent of class represented by amount in Row (11)

0.5 %

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 41,007,576,002.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,007,576,002.00

11

Aggregate amount beneficially owned by each reporting person

41,007,576,002.00

12

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

13

Percent of class represented by amount in Row (11)

6.8 %

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 , 999999999.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is amended and supplemented as follows: On August 13, 2025, the Funds entered into an Underwriting Agreement with J.P. Morgan Securities LLC and Barclays Capital Inc. (the "Underwriters"), the Issuer and the other selling shareholders named therein. Pursuant to the Underwriting Agreement, the Funds sold to the Underwriters 14,250,000 ADSs, each representing 2,000 shares of Common Stock, at a price per ADS of $42.35 (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 is scheduled to close on August 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 August 16, 2025 and continuing to and including the date that is 30 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 August 13, 2025, as reported in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(7) with the Securities and Exchange Commission on August 14, 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. 6 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 above in Item 4 of this Amendment No. 6 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 August 13, 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:	08/15/2025

Ashton Gate S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/15/2025

SVP Special Situations V LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/15/2025

Wild Heath S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/15/2025

SVP Special Situations III-A LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/15/2025

Grouse Moor S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/15/2025

SVP Special Situations IV LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/15/2025

Meadow Garden s.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/15/2025

Green Pasture S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/15/2025

SVP Capital Solutions LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/15/2025

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:	08/15/2025

SVP New Rising Management LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/15/2025

Victor Khosla

Signature:	/s/ Victor Khlosa
Name/Title:	Victor Khlosa
Date:	08/15/2025

FAQ

What did Strategic Value Partners sell in the Schedule 13D/A for LTM?

The filing discloses the sale of 14,250,000 ADSs (each representing 2,000 common shares) in an underwritten offering at $42.35 per ADS.

How much of LATAM (LTM) do the reporting persons still beneficially own?

The cover pages report aggregate shared voting and dispositive power of 41,007,576,002 ADS-equivalent votes, representing 6.8% of the class based on 604,441,789,335 common shares outstanding.

Who bought the ADSs in the offering disclosed in the amendment?

The Underwriting Agreement names J.P. Morgan Securities LLC and Barclays Capital Inc. as the underwriters who purchased the ADSs.

When is the underwritten offering scheduled to close?

The offering is scheduled to close on August 18, 2025 as stated in the filing.

Does the filing include any lock-up restrictions?

Yes. The reporting funds entered into a lock-up agreement restricting dispositions of Lock-Up Securities from August 16, 2025 through 30 days after the final prospectus, subject to certain exceptions; the lock-up agreement is filed as Exhibit 99.6.