Monarch Aircraft Engineering LTD restructure and CVA

Smith & Williamson comment on proposed Monarch Aircraft Engineering LTD restructure and CVA.

We were appointed administrators under our former brand, Smith & Williamson.

Commenting on the company voluntary arrangement (CVA) proposal filed with the High Court in Birmingham on Wednesday 24th October 2018 by Monarch Aircraft Engineering Ltd (“MAEL”) Gilbert Lemon, restructuring partner at Smith & Williamson LLP and a proposed supervisor of the CVA, said:

“The CVA proposed by MAEL provides an opportunity for the business to restructure and achieve long-term success following a period of uncertainty after the collapse of the Monarch Group in October 2017.”

Gilbert Lemon added:

“At least 75% of creditor approval for the CVA is required for it to proceed. Detailed proposal documents will be made available to creditors via a dedicated website. The creditors will vote on the CVA on 9th November 2018. Smith & Williamson will spend the coming weeks in further talks with creditors to ensure they understand the full detail of the proposal.”


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Disclaimer

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

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