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Published on Thursday, November 23, 2017

Monarch airport slots can be sold




Monarch's administrators have won their appeal against a High Court decision which prevented them from selling valuable take off and landing slots at Gatwick and Luton.

The slots are deemed to be the failed airline's most valuable asset, but two weeks ago a court ruled that the slots for summer 2018 no longer belonged to Monarch as it had gone out of business, backing a decision by independent body Airport Coordination Limited.

However, administrators KPMG said today that they had won an appeal against the ruling, meaning they will be able to sell the slots to other airlines.

EasyJet, IAG, Wizz Air and Norwegian Air Shuttle have all previously expressed an interest in buying the slots.

Monarch's owners, Greybull Capital, have the first call on the failed carrier's assets, after which any surplus will be shared out amongst its creditors.


Greybull said yesterday of the court decision: "This will possibly lead to a better outcome for parties that provided financial support to keep Monarch flying when others shied away and for other important creditors such as the Pension Protection Fund.


"This decision is also good news for the tax payer, airports and airlines. For now, Greybull can do little more than await the final outcome of the administration, which today demonstrates is a complex and multifaceted process."


Greybull has already said that should it end up in profit, it would have a moral obligation to contribute to other stakeholders. 


 


 

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