LATAM Airlines shares plummet 85% after restructuring plan revealed

Shares of LATAM Airlines plunged on the Chilean stock exchange on Monday after an announcement by the indebted carrier over the weekend of a restructuring plan that would dilute shares in the company. The airlines' shares collapsed by almost 85% in early trading. On Friday the firm said it had filed a reorganization plan, proposing an $8.19b infusion of capital into the group, in a bid to exit its Chapter 11 bankruptcy. The financing proposal will include a mix of new equity, convertible notes and debt, the group said in a statement, adding that it intends to launch an $800m equity rights offering to shareholders upon confirmation of the plan.<br/>