Monarch Airlines has ceased trading
Monarch Airlines has ceased trading and all its future flights and holidays have been cancelled, affecting approximately 110,000 customers overseas. The Civil Aviation Authority has already started planning the “largest peace time evacuation” of UK travellers by charting more than 30 planes to return travellers home for free.
Blair Nimmo, Jim Tucker and Mike Pink, Partners at KPMG are now formulating plans to deal with the assets of the business, its creditors and staff.
According to the administrators, Monarch has experienced the perfect storm of challenges in recent years. The airline was heavily affected by the terror attacks in Turkey and Egypt which caused a large loss of its annual revenues. As a result, Monarch was forced to compete on heavily congested traditional routes to Spain and Greece.
Monarch’s owner, Greybull Capital, had been trying unsuccessfully to sell part or all of its short-haul operation for a long time which resulted in the administration of the company as announced yesterday morning.
A dedicated website has been set up for Monarch’s customers giving guidelines to the travellers. At the same time the CAA has published all the latest developments for the chartered flights which will help travellers to return home.
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