Monarch 4
Joined: Dec 2012
Posts: 170
Likes: 0
From: UK
https://www.ttgmedia.com/news/news/m...-looming-12184
Extending to second (unexpected) day > COURT 1
Before LORD JUSTICE GROSS and MR JUSTICE LEWIS
Tuesday 7 November, 2017
At half past 10
Applications for Permission
PART HEARD
CO/4934/2017 The Queen on the application of Monarch Airlines Ltd (in Administration) v Airport Coordination Ltd
Extending to second (unexpected) day > COURT 1
Before LORD JUSTICE GROSS and MR JUSTICE LEWIS
Tuesday 7 November, 2017
At half past 10
Applications for Permission
PART HEARD
CO/4934/2017 The Queen on the application of Monarch Airlines Ltd (in Administration) v Airport Coordination Ltd
Last edited by 111KAB; 6th November 2017 at 21:17.
Joined: Dec 2012
Posts: 170
Likes: 0
From: UK
http://www.bbc.co.uk/news/business-41913636
https://www.ft.com/content/1409b49b-...d-c6b57b3eb9da
Subscription only but as runway suggests Greybull/KPMG/Monarch blocked from selling slots.
https://www.ft.com/content/1409b49b-...d-c6b57b3eb9da
Subscription only but as runway suggests Greybull/KPMG/Monarch blocked from selling slots.
Last edited by 111KAB; 8th November 2017 at 10:12. Reason: BBC added
Joined: Oct 2017
Posts: 517
Likes: 0
From: Behind a desk, dreaming of the sky
https://www.ttgmedia.com/news/news/m...t-slots--12253
KPMG are unable to sell the slots, reverted back to slot pool.
KPMG are unable to sell the slots, reverted back to slot pool.
Joined: Apr 2016
Posts: 1,398
Likes: 87
From: Essex
Joined: Jan 2005
Posts: 5,005
Likes: 175
From: Not so many places currently
Not exactly correct, an appeal has been made Monarch loses slots battle in High Court - BBC News
Joined: Aug 2007
Posts: 639
Likes: 0
From: West Yorkshire
The article says the Administrators want to appeal, but it doesnt say if the High Court have given leave. Its not automatic, but given only if the lower court thinks such an appeal has merit or a point of law needs to be further debated and decided on.We shall see, but I think the Judges in this hearing were clear as to why the application failed
Joined: Feb 2013
Posts: 17
Likes: 1
From: 60 north
No more Company, no more slots!
I do not know UK law , but Norwegian I do.
Was representing the workers in company that went into and successfully out of Gjelsforhandlinger ( Chapter 11).
One of the assets was the landing slots at Fornebu FBU. But only as long as we existed and if we exited successfully.
A year and a half later when we went bankrupt, the slots went back to the pool!
Anything else is nonsense.
PS Hope all Pilots are getting new job, good luck!
Was representing the workers in company that went into and successfully out of Gjelsforhandlinger ( Chapter 11).
One of the assets was the landing slots at Fornebu FBU. But only as long as we existed and if we exited successfully.
A year and a half later when we went bankrupt, the slots went back to the pool!
Anything else is nonsense.
PS Hope all Pilots are getting new job, good luck!
Joined: Sep 2000
Aviation Qualifications: Non-Aircrew
Posts: 578
Likes: 180
From: Northampton, England
https://www.judiciary.gov.uk/wp-cont...7-20171108.pdf
Full reasons to follow.
Plumbum Pendular
Joined: Aug 1999
Posts: 1,117
Likes: 0
From: Avionics Bay
What tubby describes is more or less correct.
All the LCCs do this. Buying new aeroplanes at a huge discount and then immediately refinancing (sale and leaseback or mortgage) is how the large LCCs make money.
You think that they made all that cash charging £19.99 a ticket? Nope it is from buying aeroplanes. The flaw with this model is the constant requirement for expansion. Eventually the bubble will burst (but people have been saying that for 15 years and it hasn't yet).
This is exactly the model that Monarch were going to pursue once the old jets had left the fleet and is the concept that the owners bought into in 2014. Unfortunately the transition could not be made due to severe competition...blah blah blah.
All the LCCs do this. Buying new aeroplanes at a huge discount and then immediately refinancing (sale and leaseback or mortgage) is how the large LCCs make money.
You think that they made all that cash charging £19.99 a ticket? Nope it is from buying aeroplanes. The flaw with this model is the constant requirement for expansion. Eventually the bubble will burst (but people have been saying that for 15 years and it hasn't yet).
This is exactly the model that Monarch were going to pursue once the old jets had left the fleet and is the concept that the owners bought into in 2014. Unfortunately the transition could not be made due to severe competition...blah blah blah.
Joined: Oct 2017
Posts: 517
Likes: 0
From: Behind a desk, dreaming of the sky
It also helps that instead of going for the MAX option, like everyone else is/was doing, Jet2 opted to go for the existing 738NG's, which worked well for Boeing, as they could easily factor these into the production log.
It's almost like buying a car in February or August, the new model is nearly here, but sales still need to be made. That would have helped negotiate a better discount methinks
It's almost like buying a car in February or August, the new model is nearly here, but sales still need to be made. That would have helped negotiate a better discount methinks
Joined: Mar 2007
Posts: 2,766
Likes: 4
From: Here and there
http://www.bailii.org/ew/cases/EWHC/Admin/2017/2896.pdf Judgement on the slots. Why will I not be surprosed that these end up with a carrier or a part of its group who were very keen to see Monarch out of business.
Joined: May 2009
Posts: 2,847
Likes: 0
From: Confoederatio Helvetica
No one own slots. Airlines are allocated slots on the basis of having them in the previous equivalent slot period (ie summer-summer, winter-winter), and having used them at least 80% of the time.
Monarch ceased to be an airline, therefore ceased to have a right to the slots.
Their slots will be returned to the pool and allocated under the EU regulation / IATA scheduling rules. First dibs go to 'new entrants'. Established airlines with large slot allocations would be a the end of the queue.
Word to the wise airline executive. If your airline is about to go tits-up, sell your slots first.
Monarch ceased to be an airline, therefore ceased to have a right to the slots.
Their slots will be returned to the pool and allocated under the EU regulation / IATA scheduling rules. First dibs go to 'new entrants'. Established airlines with large slot allocations would be a the end of the queue.
Word to the wise airline executive. If your airline is about to go tits-up, sell your slots first.