Bankruptcy

LATAM becomes largest airline so far to be pushed to bankruptcy by COVID-19

The filing highlights the financial weakness of South America's carriers, following a similar bankruptcy earlier this month by the region's second largest airline, Avianca.

But unlike Avianca, which experienced management turmoil and losses, Chile's LATAM posted profits for the last four consecutive years totaling more than US$700 million. LATAM had also approved a dividend payment this year, in contrast to other carriers that have halted payouts.

Colombian airline Avianca files for bankruptcy in US court

The carrier is the second-largest in Latin America, but its passenger operations have been grounded since March because of coronavirus.

It said the pandemic had cut more than 80% of its income, and it was struggling with high fixed costs.

If it fails to come out of bankruptcy, Avianca will be the first major airline to go under amid the pandemic.

USA Rugby files for bankruptcy

In a statement on Monday, USA Rugby said the impact of COVID-19 has accelerated existing financial issues after voting to file for chapter 11 bankruptcy.

USA Rugby suspended sanctioned competition and rugby activities indefinitely on March 20 due to the coronavirus crisis.

The American union will undergo a restructuring process with input from World Rugby, while the United States' men's and women's senior national teams will continue to compete as normal when the sport returns.

Samoa Rugby Union close to bankruptcy

CEO Faleomavaega Vincent Fepuleai told the Daily Mail newspaper that the national team's future is under serious threat from mounting debts, and that they are close to insolvency.

He said without desperate support from the Samoan Government the SRU would not survive - a point referenced by the Prime Minister and SRU Chair Tuilaepa Sailele Malielegaoi in the Union's 2016 Annual Report.