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.