Today, our offices received notice of a proposed Customer Voluntary Arrangement (CVA) agreement from insolvency practitioners, Smith & Williamson, acting on behalf of Monarch Aircraft Engineering Limited (MAEL). The letters states that more than 10% of the company’s creditors have requested a formal meeting to discuss the CVA. The CVA is a mechanism for UK companies to reduce their obligations to creditors. This news comes only days after the aircraft MRO company announced that it had agreed the terms of a new ownership structure, with a transaction in which Greybull Capital becomes the majority shareholder. In the announcement, MAEL stated

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