which has had 3 bail outs in less than 3 years
Could someone tell me who made these 3 "bail outs" in that timescale"? "Bail out" in that context implies that one or more in the sequence has lost money.
Previous owners (name beginning with the "M" on the tails) put some money in in 2014 but ended up selling the business as a going concern minus several hundred million in pension deficit. Some would say that was a result for them (hugely reducing their liabilities) i.e. the investor has profited and what was their airline keeps going. There's absolutely nothing to stop them buying it back later.
Greybull, being shrewd investors, saw an opportunity and put in a sum in 2014 and if they were to sell all of their share (or a portion) now they would realise a profit, Monarch having been in profit last year and this, with a world-class EBITDA. So again the investor has profited.
There seems to be an assumption that smaller airlines cannot make a profit, but they can if their costs are in line with their competitors, as Monarch's very much now are.
IF a foreign investor wanted to invest in European aviation post Brexit, why not buy an airline that has passed the test of being able to adapt to market conditions and be competitive with the likes of FR and easy? A company's main asset is its people, and by all accounts the Monarch Group's people are its greatest asset, so interest from investors outside the EU in a profitable airline in the current post-Brexit situation to me seems inevitable.