Strategic Value Funds Exit >5% Stake in LATAM via $43.41 ADS Offering

Rhea-AI Filing Summary

Strategic Value Partners and affiliated funds sold a large block of LATAM ADSs in an underwritten offering. On September 24, 2025 the Funds entered an underwriting agreement with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC and agreed to sell 15,503,784 ADSs at $43.4126 per ADS (each ADS represents 2,000 common shares), with the offering scheduled to close on September 26, 2025. The Reporting Persons also sold 8,002 shares of common stock in the open market at the same price. As a result of these transactions, the Reporting Persons ceased to be beneficial owners of more than 5% of LATAM common stock. The Funds agreed to customary lock-up restrictions beginning September 24, 2025 for 30 days after the final prospectus.

Positive

• Successful execution of a large underwritten offering selling 15,503,784 ADSs at $43.4126 per ADS
• Use of an automatic shelf registration (Form F-3) indicates the issuer had a pre-established registration vehicle for the offering
• Structured lock-up agreement provides temporary market stability by restricting secondary dispositions for 30 days after the final prospectus

Negative

• Reporting persons ceased to be beneficial owners of more than 5%, reducing their formal reporting status and potential shareholder influence
• Material reduction in stake through sale of 15,503,784 ADSs (representing 31,007,568,000 underlying common shares) may indicate substantial exit by the funds

Insights

Financial Analyst

TL;DR: Reporting persons completed a large underwritten sale of 15.5M ADSs at $43.4126 each and fell below 5% ownership.

The filing documents a material disposition of equity by Strategic Value Partners and affiliated entities: 15,503,784 ADSs (each ADS = 2,000 common shares) sold in an underwritten offering and 8,002 common shares sold in the open market at $43.4126 per ADS/share. The sale reduces the groups beneficial ownership to below the 5% reporting threshold, removing certain disclosure and potential activist leverage. Transaction pricing and use of an F-3 shelf indicate an organized, priced offering rather than opportunistic block trades.

Corporate Governance Expert

TL;DR: The groups governance influence is reduced after exiting a >5% position and agreeing to a 30-day lock-up tied to the offering.

The amendment confirms that the reporting persons have entered customary underwriter lock-up covenants limiting sales or hedging for 30 days after the final prospectus. By ceasing to be >5% beneficial owners, the entities lose the formal reporting status that can drive governance engagement. Signatures across multiple related entities show coordinated action by Strategic Value Partners and its funds.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 8)

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)

Lewis Schwartz
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)

09/24/2025

(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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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)

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

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

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 September 24, 2025, the Funds entered into an Underwriting Agreement with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC (the "Underwriters") and the Issuer. Pursuant to the Underwriting Agreement, the Funds sold to the Underwriters 15,503,784 ADSs, each representing 2,000 shares of Common Stock, at a price per ADS of $43.4126 (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 September 26, 2025. In accordance with the Underwriting Agreement, the Funds agreed with the Underwriters that, subject to certain exceptions, they may not, during period beginning on September 24, 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.
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.
(b)	Items 7 through 10 of the cover pages to this Schedule 13D are incorporated herein by reference.
(c)	On September 24, 2025, the Reporting Persons sold (i) an aggregate of 15,503,784 ADSs representing 31,007,568,000 shares of Common Stock in an underwritten offering at a price of $43.4126 per ADS, and (ii) an aggregate of 8,002 shares of Common Stock in the open market at a price of $43.4126 per share.
(e)	On September 24, 2025, as a result of the transactions reported in Item 5(c) hereof, the Reporting Persons ceased to be beneficial owners of more than five percent of the Common Stock.
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. 8 to Schedule 13D is incorporated by reference into this Item 6.

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:	09/26/2025

Ashton Gate S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/26/2025

SVP Special Situations V LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/26/2025

Wild Heath S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/26/2025

SVP Special Situations III-A LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/26/2025

Grouse Moor S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/26/2025

SVP Special Situations IV LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/26/2025

Meadow Garden S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/26/2025

Green Pasture S.a.r.l.

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Manager
Date:	09/26/2025

SVP Capital Solutions LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/26/2025

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:	09/26/2025

SVP New Rising Management LLC

Signature:	/s/ Lewis Schwartz
Name/Title:	Lewis Schwartz, Chief Financial Officer
Date:	09/26/2025

Victor Khosla

Signature:	/s/ Victor Khlosa
Name/Title:	Victor Khosla
Date:	09/26/2025

FAQ

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

The Reporting Persons sold 15,503,784 ADSs in an underwritten offering and 8,002 common shares in the open market at $43.4126 per ADS/share.

At what price were the LATAM ADSs sold in the offering?

The ADSs were sold at $43.4126 per ADS.

How many underlying common shares do the sold ADSs represent?

Each ADS represents 2,000 common shares, so 15,503,784 ADSs represent 31,007,568,000 common shares according to the filing.

Did the Reporting Persons remain above the 5% ownership threshold after the sale?

No. The filing states that as a result of the transactions, the Reporting Persons ceased to be beneficial owners of more than 5% of LATAM common stock.

Who were the underwriters for the offering?

The underwriters named in the filing are J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC.

Are there post-sale restrictions on the Reporting Persons?

Yes. The Reporting Persons agreed to customary lock-up restrictions that bar certain sales, hedging, or registration requests for 30 days after the final prospectus date.