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ADRs End Mixed; Latam Airlines Trades Actively

By Kathryn Hardison

 

The S&P/BNY Mellon index of American depositary receipts fell 0.3% to 137.04. The European index decreased 0.6% to 127.46, the Asian index improved 0.7% to 169.10, the Latin American index fell 2.4% to 175.26 and the emerging markets index increased 0.5% to 285.06.

Latam Airlines Group SA and YPF SA were among the companies with ADRs that traded actively.

ADRs of Latam Airlines Group fell 9.7% after a bankruptcy judge approved $2.75 billion in new loans for the company to partially fund its exit from chapter 11. This follows recent approval of Latam's chapter 11 restructuring plan, which would put $5.4 billion of fresh capital into the Chilean airline. Shares fell roughly 18% in the afternoon.

ADRs YPF fell 6.6% after a bankruptcy judge advanced a $14 billion lawsuit to trial involving YPF and Repsol. Creditors allege the former parent companies of Maxus Energy Corp. stripped the now-defunct subsidiary of its assets and left environmental debts unpaid.

ADRs of United Microelectronics Corp. fell 5% after the company said it received approval from the Science Based Targets initiative for its targets for emissions reduction as it attempts to achieve net zero emissions by 2050.

 

Write to Kathryn Hardison at kathryn.hardison@wsj.com

 

(END) Dow Jones Newswires

June 23, 2022 16:25 ET (20:25 GMT)

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