Thomas Cook liquidators secure bids for valuable airport slots
The liquidators of collapsed airline Thomas Cook are said to have secured bids from some of the UK’s largest carriers after kicking off an auction of dozens of UK airport slots.
KPMG set a deadline of 5pm today for bids for the take-off and landing slots as part of an auction that could raise tens of millions of pounds, Sky News reported.
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The sale, which includes 15 pairs of prime summer spots at Gatwick, has drawn interest from British Airways parent company International Airlines Group.
Easyjet, Virgin Atlantic and Wizz Air have also put in bids for the slots, according to the report. In addition to Gatwick, Thomas Cook operated from Aberdeen and Manchester airports.
Rivals airlines have been expected to engage in a bidding war over the slots, which can be among an airline’s most valuable assets.
While slots at Gatwick are particularly sought-after, Thomas Cook’s arrival and departure times were generally at less valuable periods during the middle of the day.
Nevertheless, the auction is expected to raise a significant sum of money for KPMG to distribute to creditors.
The sudden availability of prime spots is a boost for airlines as they battle to stay afloat in a competitive market. However, it could have a negative knock-on effect on rival airports such as London City, which is currently trying to sell additional slots amid an ongoing expansion plan.
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Sources told Sky the auction had to be completed by the middle of November for legal reasons, giving a four-week period between initial bids and final sales.
KPMG has been contacted for comment.
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