Monarch administrator KPMG seeks judicial review over value of lucrative landing slots

 
Oliver Gill
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Some 80,000 Monarch passengers were left stranded when the airline fell into administration (Source: Getty)

The administrator of Monarch said today it will seek court guidance over whether it is able to sell its landing slots, the doomed airline's most valuable asset.

KPMG will seek a judicial review on the matter as it hopes to recoup cash for the slots, believed to be up to £60m.

Monarch fell into administration earlier this month after failing to secure a buyer for the firm. It is the UK's biggest ever airline insolvency.

Joint administrator Blair Nimmo said:

Given the complexity of the slot exchange process, we are seeking a judicial review on this particular matter. In addition to assisting the joint administrators to fulfil their statutory duties, we believe this to be in the wider public interest, with the intention of resolving this matter quickly and with the greatest chance of maximising the continued use of the slots.

Read more: Grayling: Greybull should foot bill for £60m Monarch repatriation

The failure of Monarch prompted the Britain's biggest peacetime evacuation, with the government and aviation regulators repatriating 80,000 stranded passengers.

Former owner Greybull Capital is one of the airline's biggest creditors, meaning it would benefit from KPMG realising value from the sale of the slots.

Last week, transport secretary Chris Grayling told parliament's transport select committee that Greybull ought to foot some of the £60m bill for flying Monarch passengers home.

Read more: Ailing Interserve calls in consultant architects of failed Monarch strategy

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