LATAM Airlines has undergone a massive transformation over the last several years, most notably completing its Chapter 11 bankruptcy restructuring in late 2022. The airline, which is the largest in Latin America, was hit severely by the 2020 pandemic, forcing it to reorganize its debt and streamline its fleet. As part of this process, LATAM exited the "Oneworld" alliance and formed a deep strategic partnership with Delta Air Lines, which now owns a 20% stake in the company. In 2024 and 2025, the airline focused on "Project Sustainability," aiming to eliminate single-use plastics and reach carbon neutrality by 2050. By early 2026, LATAM has successfully rebounded, expanding its network to include more direct routes between South America and the United States/Europe through its "Joint Venture" with Delta. The airline also retired its older Airbus A350 fleet to focus on a more efficient mix of Boeing 787 Dreamliners and Airbus A320neo aircraft. Today, LATAM is considered a financially stable and dominant force in the southern hemisphere, having successfully navigated one of the most difficult financial periods in aviation history to emerge as a leaner, more "tech-forward" carrier with a unified brand across its various South American subsidiaries.