Ground Handling Company Receives Bailout after Monarch Collapse

Oct. 9, 2017
Manchester-based Airline Services, which cleans and de-ices planes at a dozen UK airports, this week secured a cash injection from LDC, the private equity firm owned by Lloyds Banking Group.

An aircraft servicing group has landed a multimillion pound rescue deal after the collapse of Monarch Airlines left it facing a calamitous crash in revenues.

Sky News has learnt that Manchester-based Airline Services, which cleans and de-ices planes at a dozen UK airports, this week secured a cash injection from LDC, the private equity firm owned by Lloyds Banking Group.

The demise of Monarch, which plunged into administration on Monday, left Airline Services facing urgent decisions about its future, according to industry sources.

Read more: http://news.sky.com/story/aircraft-servicer-lands-lloyds-rescue-deal-after-monarch-collapse-11070764