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Monarch’s administrators have won their appeal against a High Court decision which stripped them of their rights to the failed airline’s most valuable assets – its take-off and landing slots.
The ruling is a boost for KPMG, Monarch’s administrators, who are seeking to raise money by selling the airport slots.
The decision comes just two weeks after two judges in London’s High Court dismissed a claim by KPMG to the airline’s airport slots, supporting an earlier decision by an independent body Airport Coordination Limited. KPMG subsequently appealed against the ruling.
Wednesday’s appeal ruling means Monarch’s administrators will now be able to sell its airport slots at London Gatwick and Luton. EasyJet, IAG, Wizz Air and Norwegian Air Shuttle have all previously signaled their interest.
The decision is a big win for Monarch’s owners, the private equity group Greybull Capital, as the proceeds from the slots were critical in giving it the potential to make a profit on its investment. Greybull, run by brothers Marc and Nathaniel Meyohas, have the first call on the failed carrier’s assets.