British Lawmakers Challenge Monarch Airlines Pension Deal

Law360, London (October 12, 2017, 11:51 AM BST) -- Lawmakers have challenged the U.K. Pension Protection Fund for accepting a £7.5 million ($9.9 million) secured loan note from the owner of Monarch Airlines, which collapsed dramatically earlier this month.

Parliament’s Work and Pensions Committee demanded to know whether Greybull Capital LLP had paid out on the note — which it gave to the statutory compensation scheme in 2014 — in a letter to the fund released Wednesday.

Monarch, the U.K.’s longest-surviving airline brand, was placed into administration on Oct. 2, leaving 110,000 travelers stranded overseas...
To view the full article, register now.