Administrators seek court approval to sell Monarch airport slots

The administrators of failed British airline Monarch are seeking clarification in court about whether or not they have the right to sell Monarch's airport slots, potentially the most valuable remaining part of the business. The status of Monarch's airport slots has been ambiguous since the airline went bust at the start of October. Administrators at KPMG have maintained they have the right to sell the slots, reportedly worth GBP60m, and said Thursday they wanted to establish that right in court. "Given the complexity of the slot exchange process, we are seeking a judicial review on this particular matter," said Blair Nimmo, partner at KPMG and joint administrator. "We believe this to be in the wider public interest, with the intention of resolving this matter quickly and with the greatest chance of maximising the continued use of the slots." Monarch's owner Greybull Capital declined to comment. The CE of BA owner IAG and Norwegian Air Shuttle have both said they are interested in using the slots, even though the process by which they might be acquired was unclear. Monarch went bust at the start of this month, and it was immediately grounded, meaning Britain's Civil Aviation Authority had to repatriate thousands of passengers who were overseas at the time.<br/>