Monarch secured the largest investment in its 48-year history on 12 October 2016

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising The Monarch Group (‘Monarch’), a leading UK independent airline group, on its continued turnaround.

Monarch secured the largest investment in its 48-year history on 12 October 2016 from its majority shareholder, Greybull Capital. As a result of this investment, Monarch has successfully renewed its ATOL licences from the CAA for the next 12 months and funded future growth plans.

An additional factor that contributed to the group’s turnaround has been the restructuring of Monarch’s deal with Boeing for 30 Boeing 737 MAX-8 aircraft, with the option for a further 15 planes. The first of these state-of-the-art, fuel efficient aircraft is due to be delivered in 2018.

Freshfields previously advised Monarch on the completion of its strategic review and restructuring programme and its acquisition by Greybull Capital LLP in 2014. Freshfields also advised on the resolution of Monarch’s pension deficit through agreement with the Pensions Regulator, the Pension Protection Fund and the Trustee of the Monarch Airlines Limited Retirement Benefits Plan.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented:

“The Freshfields team have been completely committed in supporting Monarch through a challenging time, and have worked closely to assist us in achieving this successful outcome. I cannot speak highly enough of Adam Gallagher and the whole team who went the extra mile for us and were hugely supportive. Through their extensive efforts we are now able to focus firmly on the future as a stronger Monarch.”

The Freshfields team was led by partner Adam Gallagher, alongside partners Craig Montgomery, Robert Murphy and Alan Ryan.