Chile’s LATAM Airlines Group SA (LTM.SN)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.

The financing proposal will include a mix of new equity, convertible notes and debt, the group said in a statement, adding that it intends to launch an $800 million equity rights offering to shareholders, upon confirmation of the plan.

“While our process is not yet over, we have reached a critical milestone in the path to a stronger financial future,” said Roberto Alvo, chief executive of the largest airline in Latin America.

Recently, LATAM said it received several offers to fund the exit from Chapter 11 bankruptcy, each of which are worth more than $5 billion. The group filed for Chapter 11 bankruptcy protection in New York in May 2020 as world travel came to a halt amid the COVID-19 pandemic.

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.

The Santiago-based company reported losses of some $692 million in the third quarter, as the indebted company was still battling challenges from the pandemic.

The restructuring plan is accompanied by a support agreement with creditor group Parent Ad Hoc Group and some LATAM shareholders.