SANTIAGO, July 20 LATAM Airlines, Latin
America's biggest airline, said it had agreed a deal with
Venezuela for the repatriation of funds owed to the company.
The total debt for fiscal 2013 of around $148 million would
be repaid according to a payment plan proposed by the Venezuelan
government and accepted by LATAM, the airline said on Sunday.
A number of airlines have reduced flights to Venezuela over
a dispute over ticket sales revenue.
Venezuela requires airlines to sell tickets using the local
bolivar currency. But carriers say they are not receiving
approval to convert those earnings into dollars and an estimated
$4 billion in revenue is stuck in the country, according to the
International Airline Transport Association.
Santiago-based LATAM was formed in 2012 in a tie-up between
Chile's LAN and Brazil's TAM.
(Reporting by Rosalba O'Brien; Editing by Sonya Hepinstall)