Monarch collapse: MP calls for change in law to protect pension schemes

Frank Field criticises reports that airline owner Greybull Capital could ‘walk away with a bumper profit while ordinary people pick up the bill’

Frank Field MP, the chair of the work and pensions committee, has called for a change in the law following reports that the owners of collapsed airline Monarch may end up with a profit while the company’s pensioners lose out.

Britain’s longest-surviving airline brand was placed into administration earlier this month, leaving 110,000 customers abroad and 750,000 future bookings cancelled. Private equity group Greybull Capital, which bought a majority stake in the airline three years ago, was said to have lost £250m in the collapse after pumping that much into the business. It bought 90% of Monarch in 2014 for a token £1, with the pension scheme owning the remaining 10%.

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from The Guardian http://ift.tt/2guW61d