[SCHEDULE 13D/A] LATAM AIRLINES GROUP S.A. SEC Filing

Rhea-AI Filing Summary

Strategic Value Partners and affiliated entities report holdings and a recent open-market sale of LATAM ADSs. The filing shows the Reporting Persons collectively beneficially own 31,007,576,002 ADS-equivalent shares, representing 5.4% of the class based on 574,219,895,457 common shares outstanding. On September 11, 2025, they sold 5,000,000 ADSs (equal to 10,000,000,000 common shares) in the open market at $47.86 per ADS. The filing also discloses that on September 8, 2025 the Reporting Persons were granted a waiver of a prior lock-up related to an August 18 underwritten offering and agreed to customary lock-up provisions through September 19, 2025.

The cover pages list multiple affiliated reporting persons (Delaware and Luxembourg entities and Victor Khosla) with individual shared voting and dispositive power amounts and percentages included on their cover pages.

Positive

• Clear, specific disclosure of the number of ADSs sold, price per ADS, and resulting aggregate beneficial ownership
• Lock-up waiver and subsequent customary lock-up are disclosed, clarifying the permissibility and timing of the sale

Negative

• Reduction in stake following the sale of 5,000,000 ADSs (10,000,000,000 common shares) which may be viewed as reduced voting exposure
• No explanation provided in the filing for the rationale behind the sale or the lock-up waiver

Insights

Financial Analyst

TL;DR: A sizable open-market sale reduced the group stake and a temporary lock-up waiver enabled the trade; ownership remains a meaningful minority position.

The Reporting Persons executed a sale of 5,000,000 ADSs at $47.86 per ADS, equal to 10 billion common shares, while retaining aggregate beneficial ownership of 31,007,576,002 ADS-equivalent shares (5.4%). The filing clearly states the outstanding share base used for the percent calculation and documents the lock-up waiver and subsequent customary lock-up through September 19, 2025. These are routine disclosure items for Rule 13d filers and quantify ownership and recent liquidity events without providing transaction motivations or future plans.

Corporate Governance Expert

TL;DR: The amendment documents compliance with reporting rules after a waiver-enabled sale and confirms continued shared control across affiliated vehicles.

The amendment incorporates cover page percentages and specifies that multiple affiliated entities and an individual (Victor Khosla) hold shared voting and dispositive power over the disclosed positions. It also documents waiver of a previously disclosed lock-up and short-term customary lock-up tied to the sale. These disclosures fulfill Schedule 13D obligations and clarify the group structure and recent transfer activity but do not include new contractual governance changes beyond the lock-up waiver and extension.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

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)

09/11/2025

(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 31,007,576,002.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,007,576,002.00

11

Aggregate amount beneficially owned by each reporting person

31,007,576,002.00

12

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

13

Percent of class represented by amount in Row (11)

5.4 %

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 12,868,295,375.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,868,295,375.00

11

Aggregate amount beneficially owned by each reporting person

12,868,295,375.00

12

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

13

Percent of class represented by amount in Row (11)

2.2 %

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 12,868,295,375.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,868,295,375.00

11

Aggregate amount beneficially owned by each reporting person

12,868,295,375.00

12

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

13

Percent of class represented by amount in Row (11)

2.2 %

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 1,805,601,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,805,601,900.00

11

Aggregate amount beneficially owned by each reporting person

1,805,601,900.00

12

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

13

Percent of class represented by amount in Row (11)

0.3 %

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 1,805,601,900.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,805,601,900.00

11

Aggregate amount beneficially owned by each reporting person

1,805,601,900.00

12

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

13

Percent of class represented by amount in Row (11)

0.3 %

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 7,420,927,823.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,420,927,823.00

11

Aggregate amount beneficially owned by each reporting person

7,420,927,823.00

12

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

13

Percent of class represented by amount in Row (11)

1.3 %

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 7,420,927,823.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,420,927,823.00

11

Aggregate amount beneficially owned by each reporting person

7,420,927,823.00

12

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

13

Percent of class represented by amount in Row (11)

1.3 %

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 6,783,145,789.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,783,145,789.00

11

Aggregate amount beneficially owned by each reporting person

6,783,145,789.00

12

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

13

Percent of class represented by amount in Row (11)

1.2 %

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 6,783,145,789.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,783,145,789.00

11

Aggregate amount beneficially owned by each reporting person

6,783,145,789.00

12

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

13

Percent of class represented by amount in Row (11)

1.2 %

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 2,129,604,542.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,129,604,542.00

11

Aggregate amount beneficially owned by each reporting person

2,129,604,542.00

12

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

13

Percent of class represented by amount in Row (11)

0.4 %

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 2,129,604,542.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 2,129,604,542.00

11

Aggregate amount beneficially owned by each reporting person

2,129,604,542.00

12

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

13

Percent of class represented by amount in Row (11)

0.4 %

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 31,007,576,002.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 31,007,576,002.00

11

Aggregate amount beneficially owned by each reporting person

31,007,576,002.00

12

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

13

Percent of class represented by amount in Row (11)

5.4 %

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: The disclosure set forth below in Item 6 of this Amendment No. 7 to Schedule 13D is incorporated by reference into this Item 4.
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 574,219,895,457 shares of Common Stock outstanding calculated as follows: 604,441,789,335 shares of Common Stock outstanding as reported in the Issuer's prospectus supplement filed pursuant to Rule 424(b)(7) with the SEC on September 9, 2025, less (i) the 9,671,006,041 shares of Common Stock repurchased by the Issuer as disclosed by the Issuer in the Form 6-K filed with the SEC on May 1, 2025 and (ii) the 20,550,887,837 shares of Common Stock repurchased by the Issuer as disclosed by the Issuer in the Form 6-K filed with the SEC on July 31, 2025.
(b)	Items 7 through 10 of the cover pages to this Schedule 13D are incorporated herein by reference.
(c)	On September 11, 2025, the Reporting Persons sold at aggregate of 5,000,000 ADSs representing 10,000,000,000 shares of Common Stock in the open market at a price of $47.86 per ADS.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is amended and supplemented as follows: On September 8, 2025, the Reporting Persons were granted a waiver of their previously disclosed lock-up agreement entered into in connection with the Underwritten Offering that closed on August 18, 2025. In connection with the sale of ADSs described in Item 5(c) of this Amendment No. 7, the Reporting Persons agreed to customary lock-up provisions with respect to the ADSs through September 19, 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:	09/12/2025

Ashton Gate S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/12/2025

SVP Special Situations V LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/12/2025

Wild Heath S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/12/2025

SVP Special Situations III-A LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/12/2025

Grouse Moor S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/12/2025

SVP Special Situations IV LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/12/2025

Meadow Garden S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/12/2025

Green Pasture S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/12/2025

SVP Capital Solutions LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/12/2025

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:	09/12/2025

SVP New Rising Management LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/12/2025

Victor Khosla

Signature:	/s/ Victor Khlosa
Name/Title:	Victor Khosla
Date:	09/12/2025

FAQ

How many LATAM (LTM) ADSs did Strategic Value Partners sell on September 11, 2025?

The Reporting Persons sold 5,000,000 ADSs on September 11, 2025, representing 10,000,000,000 common shares.

At what price were the ADSs sold in the filing?

The ADSs were sold in the open market at $47.86 per ADS.

What is the Reporting Persons' aggregate beneficial ownership of LATAM after the sale?

They report aggregate beneficial ownership of 31,007,576,002 ADS-equivalent shares, representing 5.4% of the class based on 574,219,895,457 outstanding shares.

Was a lock-up waiver disclosed in the Schedule 13D/A?

Yes. On September 8, 2025 a waiver of a prior lock-up was granted, and the Reporting Persons agreed to customary lock-up provisions through September 19, 2025 in connection with the sale.

Which entities are listed as reporting persons in this Schedule 13D/A?

Reporting persons include Strategic Value Partners, LLC and multiple affiliated entities (Ashton Gate S.a.r.l., SVP Special Situations funds and LLCs, Wild Heath S.a.r.l., Grouse Moor S.a.r.l., Green Pasture S.a.r.l., SVP Capital Solutions LLC, Strategic Value New Rising Fund L.P., SVP New Rising Management LLC) and Victor Khosla.