Monarch staff expected to get all money owed to them
Monarch staff are expected to get 100% of money owed after the company’s collapse, according to administrators KPMG.
The report, published on Friday, reveals Monarch owed customers, staff and suppliers £466 million when it went into administration at the beginning of October.
It also had secured debts of £164 million, yet its assets and cash are thought to be worth less than that.
KPMG estimates the total amount set aside for unsecured creditors will be £600,000. The company said Monarch staff who were made redundant following the collapse will be paid all money owed to them.
Other unsecured creditors will get ‘pennies in the pound’ according to the Financial Times.
The accountancy firm says its own fees and expenses, once it has completed the administration process, will be almost £10 million.
In the first six weeks since the company was appointed administrator, its fees and expenses amounted to over £3 million.
It said: "From the date of our appointment to 10 November 2017, we have incurred time costs of £3,024,321. These represent 6,258 hours at an average rate of £483.26 per hour."
Secured creditors are unlikely to be paid in full, even if take-off and landing slots and the engineering business are sold. Monarch has £30 million in cash.
Greybull is owned about £160 million and the company’s pension fund £7.5 million.
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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