[SCHEDULE 13D/A] LATAM Airlines Group S.A. American SEC Filing

Rhea-AI Filing Summary

Offerpad Solutions Inc. (OPAD) – Form 4 filing details an equity award to founder-CEO and director Brian Bair.

• Transaction: On 07/30/2025 Bair was granted 1,000,000 Class A RSUs at a stated price of $0.
• Vesting: RSUs vest in three equal tranches on 06/04/2026, 06/04/2027 and 06/04/2028.
• Post-grant holdings: 1,854,404 Class A shares held directly; plus 197,298 shares held indirectly via The BBAB 2021 Irrevocable Trust and 59,534 shares via The BBAB Living Trust.
• No derivative securities were reported.

The filing signals continued long-term equity alignment between the chief executive and shareholders, but also adds potential future dilution as the RSUs convert to common stock.

Positive

• Large equity grant ties CEO wealth to future share performance, fostering shareholder alignment.
• Three-year vesting schedule encourages leadership continuity during strategic execution.

Negative

• Potential dilution of up to 1 M shares once RSUs convert, impacting EPS.
• RSUs are time-based only; absence of performance conditions could draw governance criticism.

Insights

Securities Analyst

TL;DR: CEO awarded 1 M RSUs, boosting direct stake to 1.85 M shares; aligns incentives yet adds dilution risk.

The grant represents roughly 4.5× the CEO’s pre-grant direct holding, materially increasing his skin in the game. Because the RSUs vest over three years, they promote retention and forward-looking performance. However, the zero-cost issuance will expand the share count upon settlement, a modestly dilutive event unless offset by buybacks or accretive growth. Investors should monitor total share-based compensation relative to revenue and FCF to gauge dilution pressure.

Corporate Governance Expert

TL;DR: Time-based RSUs strengthen leadership commitment but lack explicit performance hurdles.

Time-vesting equity is common, yet best practices increasingly favor performance-conditioned awards. The absence of performance metrics lessens pay-for-performance linkage, though multi-year vesting still aligns CEO and shareholder interests over time. Proxy voters may scrutinize plan design in future say-on-pay rounds.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

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, 1001 Pennsylvania Avenue, NW, Suite 600
Washington, DC, 20004-2533
(202) 416-6800

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

07/30/2025

(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 69,507,576,002.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 69,507,576,002.00

11

Aggregate amount beneficially owned by each reporting person

69,507,576,002.00

12

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

13

Percent of class represented by amount in Row (11)

11.5 %

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 28,845,985,375.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 28,845,985,375.00

11

Aggregate amount beneficially owned by each reporting person

28,845,985,375.00

12

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

13

Percent of class represented by amount in Row (11)

4.8 %

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 28,845,985,375.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 28,845,985,375.00

11

Aggregate amount beneficially owned by each reporting person

28,845,985,375.00

12

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

13

Percent of class represented by amount in Row (11)

4.8 %

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 4,047,489,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,047,489,900.00

11

Aggregate amount beneficially owned by each reporting person

4,047,489,900.00

12

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

13

Percent of class represented by amount in Row (11)

0.7 %

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 4,047,489,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,047,489,900.00

11

Aggregate amount beneficially owned by each reporting person

4,047,489,900.00

12

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

13

Percent of class represented by amount in Row (11)

0.7 %

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 16,634,987,823.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,634,987,823.00

11

Aggregate amount beneficially owned by each reporting person

16,634,987,823.00

12

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

13

Percent of class represented by amount in Row (11)

2.8 %

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 16,634,987,823.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 16,634,987,823.00

11

Aggregate amount beneficially owned by each reporting person

16,634,987,823.00

12

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

13

Percent of class represented by amount in Row (11)

2.8 %

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 %

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 15,205,319,789.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,205,319,789.00

11

Aggregate amount beneficially owned by each reporting person

15,205,319,789.00

12

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

13

Percent of class represented by amount in Row (11)

2.5 %

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 15,205,319,789.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 15,205,319,789.00

11

Aggregate amount beneficially owned by each reporting person

15,205,319,789.00

12

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

13

Percent of class represented by amount in Row (11)

2.5 %

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 4,773,792,542.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,773,792,542.00

11

Aggregate amount beneficially owned by each reporting person

4,773,792,542.00

12

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

13

Percent of class represented by amount in Row (11)

0.8 %

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 4,773,792,542.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,773,792,542.00

11

Aggregate amount beneficially owned by each reporting person

4,773,792,542.00

12

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

13

Percent of class represented by amount in Row (11)

0.8 %

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 69,507,576,002.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 69,507,576,002.00

11

Aggregate amount beneficially owned by each reporting person

69,507,576,002.00

12

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

13

Percent of class represented by amount in Row (11)

11.5 %

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 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)	Except as set forth on Schedule A to this Amendment No. 5 to Schedule 13D, which is incorporated herein by reference, or as previously reported, none of the Reporting Persons has effected any transaction related to the Common Stock during the past 60 days.

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:	08/01/2025

Ashton Gate S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/01/2025

SVP Special Situations V LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/01/2025

Wild Heath S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/01/2025

SVP Special Situations III-A LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/01/2025

Grouse Moor S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/01/2025

SVP Special Situations IV LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/01/2025

Meadow Garden s.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/01/2025

Green Pasture S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	08/01/2025

SVP Capital Solutions LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/01/2025

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:	08/01/2025

SVP New Rising Management LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	08/01/2025

Victor Khosla

Signature:	/s/ Victor Khosla
Name/Title:	Victor Khosla
Date:	08/01/2025

FAQ

How many Offerpad (OPAD) shares did CEO Brian Bair acquire in this Form 4?

He received 1,000,000 Class A restricted stock units on 07/30/2025.

What is Brian Bair’s total direct ownership after the transaction?

His direct holding increased to 1,854,404 Class A shares.

When do the newly granted RSUs vest?

They vest in three equal annual tranches on 06/04/2026, 06/04/2027, and 06/04/2028.

Were any derivative securities or options reported in this filing?

No; Table II shows no derivative securities acquired or disposed.

How many OPAD shares does the CEO hold indirectly through trusts?

He holds 197,298 shares via The BBAB 2021 Irrevocable Trust and 59,534 shares via The BBAB Living Trust.