In a Statement of Affairs filed before the sale of Monarch’s slots at Gatwick and Luton, administrators put the deficiency for unsecured creditors at £756.6 million.
The report by KPMG estimates that just £27.4 million would be available to pay preferential creditors following the carrier’s failure on October 2. However, this figure will be boosted by around £60 million following the slot sale that saw British Airways parent IAG buy the assets at Gatwick, and Wizz Air take the Luton slots in November.
More than 500 mainly trade creditors are listed, owed in total £335.6 million. In addition, nearly 2,000 employees are owed £35 million while 365,000 customers are owed £95 million – an average of £260 each.
Among the biggest creditors listed in the statement is the Air Travel Trust, which has a claim for £19 million following the repatriation effort. HMRC has another for £12.5 million and International Aero Engines is owed £15.65 million. Eurocontrol (air traffic control) is owed £12.2 million. There are also “various passenger compensation claims” for delays under EU261, estimated at £5.15 million.
Numerous trade creditors include Manchester Airports Group (£3 million), Luton airport (£1 million), and Gatwick (£516,000). Iberia is owed £3.4 million and Gibraltar airport £313,000. Smaller amounts are due to On the Beach (£290,000), Cheapflights (£23,000), and Holiday Extras (£12,000), while even restaurant chain Nando’s is listed (£5).
A KPMG spokesperson said the full creditors’ report would be published next year. “We have to publish a Statement of Affairs within eight weeks. Another will be issued in around six months – we are probably looking at the end of April,” she said. She added that no date has yet been set for a creditors’ meeting.
