LATAM Airlines, the largest Latin American air transport group, had losses of $2.12 billion in the first quarter due to the coronavirus pandemic and filed for U.S. bankruptcy protection.

The firm mainly attributed the loss to a goodwill impairment loss of $1.73 billion as a result of the pandemic, the statement said. “The accounting loss is a natural consequence of the impact that COVID-19 has had over the entire industry, where inevitably the assets of airlines are devalued due to the impossibility of operating,” CEO Roberto Alvo said in the statement. LATAM filed for U.S. bankruptcy protection on Tuesday, becoming the world’s largest carrier so far to seek an emergency reorganization due to the pandemic, Reuters reported.