Bad times.
Monarch was the airline of choice for many years for those pilots looking for a full career with a balanced life, fair renumeration and of course the excellent pension. The standards within the airline were equal to any and better than most. The news that they may be in a bit of bother will come as a hammer blow, whether still working within the airline or retired. Of course they can continue but for most junior captains and below there can now be only one sensible choice, and as difficult as it is they must seek alternative employment if they wish a career. A shrinking airline is no place to be; ask the ex MyTravel/Thomas Cook pilots caught in the same position.
Monarch sell a lot of seats to small travel companies, many of which are struggling: they operate from expensive but poor quality airports (although they have sensibly got rid of the worst): as they shrink they will offer less route choices and they do not have the established schedule customer base of the likes of ezy. But most telling, they have ordered the wrong aircraft. I do not know anybody who prefers Ryan to Ezy. The passengers may not know which aircraft they are flying in but they do know which is most comfortable with wider seats, easier overhead stowage and better ambience. To order an aircraft with a fuselage designed not long after the end of the Second World War seems foolish. Airbus now even consider the A320 is becoming too narrow for modern day figures! The737 will be the MD80 of the twenty twenties, loved but no longer wanted. (Although come to think of it the 737 would be great configured like the MD - 3/2!)
Anyway, drastic action may hopefully see Monarch continue as a niche airline but the days of the pilots choice must be gone. The great shame is that in their day they did treat pilots decently and were rewarded with highly professional and competent crews who got the job done. They deserve better.