James AndersonIf you are amongst the regular customers and passengers of one of the largest airlines of Latin America that is Latam, you must be very proud of their business strategies. A few months back, many of the airlines announced their bankruptcy and unfortunately this airline was amongst them.
But, the way it exited this state of business loss and developed rapidly must be an impressive thing. Currently, the sources suggest that Latam showcases a powerful financial position of 30% net income rise. So, if you have taken the bankruptcy seriously and discontinued your services with them, there is no need to be tense as the future of this airline is brighter again.
More Future Plans of Latam-
After coping with the bankruptcy, Latam is more focused on the futuristic approaches to grow better. Some of the plans of Latam airlines are-
- Firstly this airline is more focused on network expansion by increasing the network connectivity in the specific countries. It means the routes will be expanded and flights’ frequencies will also be increased.
- Then they are also planning to introduce new aircrafts according to the sustainable environment. Which means that the upcoming aircrafts will be fuel efficient and will leave less carbon footprint on the environment.
- Next, there are still many things that are offline in this airline. So, they are also planning towards the digital transformation of the procedures. In future, the customer experience will be enhanced with the help of mobile apps, online check-ins and many more facilities.
- They’re planning to put focus on providing the customer friendly services like a complete Wi-Fi facility by 2025. And, enhancing the capacity by 15 to 16% is also under their to do list.
- Moreover, Latam business minded team is developing the partnerships also to expand the global reach.
How Did Latam Exit the Bankruptcy?
In the United States, to all those who have suffered bankruptcy, there is a legal process to be filed known as Chapter 11 bankruptcy. Latam also benefited through this and filed this protection to reduce the debts and be in the market.
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When companies go bankrupt they just exit the industry which is a very wrong step. Latam worked smartly and somehow managed to reduce their depth by 35%. And because of this, 12.5% income growth is seen in this airline.
What Led Them to Bankrupt?
You must be wondering how such a great airline faced this major business downfall. No need to get surprised because covid-19 was the reason in 2020 that led this airline to face bankruptcy.
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Almost all the airlines were affected and Latam was not different from them. The decline in passenger demand resulted in the great revenue loss.
Conclusion-
So, this article is an ultimate summary for you so that you can focus on Latam airlines. If you haven’t chosen the flights of this airline then you must go with this for your future vacations. Because they are not only providing the best customer services to their passengers, but also working wholeheartedly to expand themselves.
