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Macfarlanes advises the shareholders of Monarch on its £75m refinancing
Macfarlanes has advised the shareholders of Monarch on its £75m refinancing. The transaction included a reorganisation of Monarch’s group so as better to align the different services offered by the group.
Changes in holiday trends and rising oil prices had led Monarch to devise a fresh business strategy. Monarch is preparing to expand its range of scheduled flights after forty years of providing packaged trips to sunshine destinations. It is anticipated that the additional cash and new strategy will lead to the group returning to profit by 2013.
The Macfarlanes team was led by corporate partner, Kevin Tuffnell and restructuring senior counsel, Simon Beale. Pensions partner Camilla Barry provided additional advice.
Simon Beale, senior counsel, said: "This is the first occasion on which we have advised Monarch's shareholders on this type of transaction. We are delighted to have assisted them, and such a well-established brand as Monarch, to look towards the future."
For further information, please contact Kevin Tuffnell or Simon Beale.
16 November 2011
Contacts
- Kevin Tuffnell
- Senior adviser
- +44 (0)20 7849 2324
- Contact
- Camilla Barry
- Partner
- +44 (0)20 7849 2238
- Contact
- Simon Beale
- Senior counsel
- +44 (0)20 7849 2237
- Contact