Nov 27, 2017
British Airways owner IAG buys Gatwick slots from collapsed Monarch
British Airways is set to ramp up the number of flights from Gatwick airport next summer after its parent, International Consolidated Airlines, held off competition to buy 20 take-off and landing slots from collapsed carrier Monarch Airlines. IAG said late on Monday that it was completing the acquisition of Monarch's portfolio of summer and winter slots. The sale comes just days after Monarch administrators KPMG won an appeal against a previous High Court ruling that stripped Monarch of the rights to sell its valuable airport slots at Gatwick and Luton. BA already has roughly 16 per cent of Gatwick flights, while Monarch had 4.5 per cent of slots available last summer. Blair Nimmo, a partner at KPMG and joint administrator, said: "As well as representing an excellent recovery for creditors from one of Monarch Airline's significant assets, the clarity that this sale brings is very positive for other stakeholders such as Gatwick airport and its customers. Our continuing focus is now on MAL's Luton slots, as well as exploring potential rescue opportunities for MAL and its residual assets including its brand and associated licences."
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