Shoosmiths leads on Monarch engineering arm administration
UK firm brought in for administration of now-defunct airline's engineering arm
January 04, 2019 at 06:32 AM
2 minute read
Shoosmiths has taken a key role on the administration of now-defunct airline Monarch's engineering arm.
The firm's head of restructuring James Keates and restructuring partner Aaron Harlow are advising administrators KPMG on the insolvency of Monarch Aircraft Engineering Limited (MAEL), having also provided advice to the company prior to the administration.
About 250 MAEL employees will be made redundant as a result of the administration, with another 200 staff based in Luton also facing redundancy, though 83 staff members will be kept in place at the company to wind down operations.
A company voluntary agreement (CVA) was agreed for the engineering division last October, though it was unable to save the business. Buyers are still being sought for the business's airport records and maintenance requirements division CAMO and training academy throughout the administration.
KPMG partner David Pike said: "We remain hopeful that buyers will be found for the CAMO and training businesses and encourage any interested parties to get in contact. We will also be making every effort to provide support to those employees who have been affected by redundancy."
Freshfields Bruckhaus Deringer, Stephenson Harwood and Kirkland & Ellis all took roles on the administration of Monarch in 2017, with Freshfields leading for administrators KPMG, Stephenson Harwood advising the Pension Protection Fund and Kirkland acting for the Civil Aviation Authority (CAA). Reed Smith also advised the CAA on licensing and contingency planning.
Freshfields, which also acted on Monarch's restructuring in 2014, does not have a role on the administration of the engineering business.
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