Thing to remember about Monarch is that the owners have been trying to sell it along with Cosmos for the last few months. No one wanted cosmos because it has been losing money for a long time, does not carry that many pax, and the owners stipulated that all Cosmos seats were to be given to Monarch for a minimum of five years.
Every holiday company replied that they would buy Cosmos, but let Monarch got to the wall as they all had their own airlines they could absorb Cosmos's lowly numbers within their own.
Right now, I would not wish to be working for Monarch.