This raises the question of whether Latin American carriers are genuinely outperforming their US and European counterparts. Credit: ShutterstockSince 2020, several prominent Latin American carriers have filed for Chapter 11 bankruptcy protection. Related American Airlines Gets Green Light For $100M Stake In Brazil's Azul American Airlines' $100 million investment in Azul could reshape the Brazilian aviation market, but not everyone is on board with the deal. Are Latin American Airlines Actually Outperforming? IATA estimates that Latin American carriers produced an EBIT margin of 14.0% in 2025, compared with 6.7% for European carriers and 6.4% for North American carriers.