(Reuters) – Chile’s LATAM Airlines (OTC:) Group SA said on Friday it has filed a reorganization plan, proposing an $8.19 billion infusion of capital into the group, in a bid to exit its Chapter 11 bankruptcy.

After confirmation, the group stated in a statement that the financing proposal would include new equity, convertible bonds, and debt.

Roberto Alvo is the chief executive officer at the largest airline Latin America. He stated, “While the journey is not over yet, we have achieved a crucial milestone in our path to stronger financial future.”

LATAM has reported recently that it was offered several funds to help fund its Chapter 11 bankruptcy relief. As world travel halted due to the COVID-19 pandemic, LATAM filed for Chapter 11 bankruptcy protection at New York City in May 2020.

Upon emerging from Chapter 11, LATAM expects to have total debt of about $7.26 billion and liquidity of about $2.67 billion, the company said in the statement.

Santiago-based companies reported losses in the third quarter of $692 million. This was despite the fact that the company, which is still indebted due to the pandemic, had continued its struggles.

A support agreement is signed with Parent Ad Hoc Group, some LATAM shareholders and creditor groups as part of the restructuring plan.