OK, extension granted, let's assume that the licence will be renewed eventually.
Now, what does the future hold? Not very rosy expectations on UK package holidays (brexit, GBP x-rate, Egypt, Turkey, Tunisia, ISIS, you name it); fuel price most probably up after the recent developments; rather pricey type change to the 737 (trainings, double spare stock etc); fierce competition from other LoCos. What will be the selling point of Monarch if things did not work out in recent "better" times?