Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Stephenson Harwood is advising alongside Freshfields Bruckhaus Deringer and Kirkland & Ellis on the administration of budget airline Monarch.

This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.


  • Trusted insight, news and analysis from the UK and across the globe
  • Connections to senior business lawyers within the leading law firms and legal departments
  • Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
  • The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
  • Optimized access on all of your devices: desktop, tablet and mobile
  • Complete access to the site's full archive of more than 56,000 articles

Already have an account?

For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651

Joseph Evans

Law Firms Mentioned

<a href="http://www.almcms.com/contrib

  • Reed Smith
  • Stephenson Harwood

/uploads/sites/378/2017/10/Airbus_A320-200_Monarch_Airlines_GLA-Article-201710021011.jpg"><img class="aligncenter size-full wp-image-67467" src="http://www.almcms.com/contrib

  • Reed Smith
  • Stephenson Harwood

/uploads/sites/378/2017/10/Airbus_A320-200_Monarch_Airlines_GLA-Article-201710021011.jpg" alt="" width="620" height="372" /></a> Stephenson Harwood��is advising alongside��Freshfields Bruckhaus Deringer��and Kirkland &amp; Ellis��on the administration of budget airline Monarch. The City firm is acting for the Pension Protection Fund (PPF), reprising a role it has played during previous restructurings of Monarchs business . The role adds Stephenson Harwood to a line-up of legal advisers that already includes Freshfields and Kirkland. The magic circle firm is advising KPMG, where partners Blair Nimmo, Jim Tucker and Mike Pink were appointed joint administrators at 4am yesterday (2 October). Freshfields team is being led by global head of restructuring Ken Baird and finance partner Catherine Balmond. Kirklands London restructuring group, meanwhile, is advising the��Civil Aviation Authority (CAA) on financing proposals put forward by Monarch as it charters more than 30 aircraft to repatriate some 110,000 Monarch customers stranded overseas following the UKs largest-ever airline collapse. Kirkland has advised the CAA on a number of occasions in the past, while Freshfields has previously acted for Monarch on several past attempts to stabilise the business through financial restructurings. Reed Smith is also advising the CAA on��licensing and contingency planning. Litigation partner Richard Spafford is advising on licensing and regulatory issues, while restructuring partner Charlotte Moller is advising on insolvency law and contingency planning for the repatriation. Last October, Freshfields led��for Monarch when it secured the largest investment in its then 48-year history from majority shareholder Greybull Capital, in a deal that enabled it to renew its licence from the CAA for 12 months and which was intended to fund future growth plans. The magic circle firm had previously advised Monarch during a 2014 restructuring that generated roles for a host of law firms, with finance partner Adam Gallagher advising on both occasions. As part of that restructuring Stephenson Harwood advised the PPF on the pension deficit restructuring. In a statement, KPMG administrator Nimmo said: ���Mounting cost pressures and increasingly competitive market conditions in the European short-haul market have contributed to the Monarch Group experiencing a sustained period of trading losses. This has resulted in management appointing us as administrators in the early hours of this morning. "Our primary focus for the next 48 hours is to work with the Civil Aviation Authority to provide the infrastructure and information needed to help the government and CAA with the safe repatriation of all the��approximately 110,000 customers who are currently overseas and due to travel back to the UK within the next two weeks.��� Monarch had a capacity of more than six million seats and operated tours used by in excess of 200,000 passengers per year. The Luton-headquartered company employs about 2,100 people. <

  • Reed Smith
  • Stephenson Harwood


Legal Week Newsletters & Alerts

Sign Up Today and Never Miss Another Story.

As part of your subscription, you can sign up for an unlimited number of a wide range of complimentary newsletters and alerts. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2019 American Lawyer Media International, LLC. All Rights Reserved.