IAG buys 20 of Monarchs Gatwick slot pairs

International Airlines Group stepped in and paid ‘far more’ than anyone else’s bid for the slots yesterday.

The group can allocate these to any of its airlines – BA will almost certainly get some, Vueling a handful, but it’s felt the majority will be used to bring LEVEL to the U.K. – and Gatwick is the ideal airport for it.

The slots were expected to fetch up to £60 million. The money will go to resolve Monarchs debts – which in total were revealed as being £406m by administrators last week. Monarch creditors can mostly expect a few pence in the pound if anything. It’s only real assets were its shareholding in Monarch Engineering and its slot portfolio at Gatwick.

Advertisements