Monarch Airlines: Insolvency

(asked on 6th November 2017) - View Source

Question to the Department for Transport:

To ask Her Majesty's Government, further to the Written Answer by Baroness Sugg on 2 November (HL2460), whether they intend to seek binding agreements with Greybull Capital and its associates to contribute towards the cost of repatriating passengers booked on Monarch Airlines; and if so, whether those agreements will be published, and what they intend to offer in return for those contributions.


Answered by
Baroness Sugg Portrait
Baroness Sugg
This question was answered on 13th November 2017

We have not discussed binding agreements with Greybull Capital and there is no formal legal mechanism we can use to oblige Greybull to contribute towards the costs of repatriating passengers.

However, Marc Meyohas, partner at Greybull has written[1] to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute to other stakeholders, including helping to defray the costs incurred by the Government in repatriating Monarch customers.

We also have entered into discussions with several third parties, including relevant card providers and travel providers through which passengers may have booked flights, with the aim of recovering the costs of the repatriation operation and will in due course be able to report back with more detail.

We are focused on making sure that there is clear burden sharing of the repatriation operation, and that it is not only the government who pays.

[1] http://www.parliament.uk/documents/commons-committees/transport/Response-from-Greybull-Capital-LLP-to-Chair-re-Monarch-Airlines-collapse-24-10-2017.pdf

Reticulating Splines