A bankruptcy judge approved a chapter 11 exit plan for Latam Airlines Group SA that puts $5.44 billion of fresh capital into the Chilean business, moving it closer to ending its pandemic-driven restructuring after two years.

Judge James Garrity of the U.S. Bankruptcy Court for the Southern District of New York said the chapter 11 plan resulted from “good faith, arm’s-length negotiations” among Latam and its stakeholders and provides the best available path to resolve its bankruptcy case.