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Case Studies

The IFT Private Company Award 2015 - Monarch Holdings Limited

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Monarch Holdings Limited

When Monarch’s founder-shareholders decided to exit the Group, management engaged cross-disciplinary teams from KPMG, Freshfields, and Seabury to advise on restructuring the business to attract a new investor before funding ran out and their CAA operating license expired. This process involved negotiation of substantial creditor compromises (including the pension scheme, aircraft lessors, certain airports and other operating vendors), monitoring group liquidity, coordinating a diverse array of stakeholders and securing regulatory support for the restructuring. On 24 October 2014 the Group was sold, with Monarch securing £125m of new capital and Greybull Capital acquiring 90% of Monarch’s shares (the Pension Protection Fund acquiring the balance).