LAN Airlines (Santiago de Chile Int'l) and partner TAM Linhas Aéreas (Sao Paulo Congonhas) have reportedly reached an agreement with Venezuelan government concerning the partial disbursement of unremitted ticket-sale funds.

In a statement issued on July 20, the LATAM Airlines Group announced it had accepted Caracas' proposal in regards to the repatriation of funds equivalent to the total owed money for fiscal year 2013 for all carriers of the group.

"The total debt owed is approximately USD148million, which will be rendered per the payment plan proposed by the Government of Venezuela which has been accepted by LATAM Airlines Group and its affiliates and TAM Airlines," the statement read.

It is uncertain whether or not the airline group has attempted to reach an agreement with Nicholas Maduro's socialist government concerning funds for 2014.

In related news, Ecuadorian carrier, TAME Ecuador (Quito Int'l), has said that 80% of the USD45million owed (since April 2013) it by Caracas has since been paid. TAME says the Venezuelan Government is meeting its monthly payments.