First things first, Skipness you are a bit of a wally for repeatedly peddling doom, gloom and pessimism about Monarch, even when there's something really positive! Either you are a worried competitor or you just need to get a life!
The business has struggled greatly in recent years and like BA, has been trading on a past reputation that's disconnected from the reality that to compete with FR/EZY/LS/DY you need their cost base and structures.
To survive MON will need to be as close to that space as possible except they are either larger in the case of three and more focused on packages like LS. Monarch have been squeezed badly, this has gotten worse, and their main shareholder has allowed a situation to develop where consumer confidence has collapsed going into the quiet trading period, i.e. poor trading just got much worse. Not only that, all talk of new investors has been shown to be a myth.
If a business needs something like a sugar daddy Swiss billionaire to survive it won't last long if daddy cuts off the credit cards. I have no idea why Greybull allowed this to happenas they've increased the chances of MON closing by not putting the money in earlier.
It's barely a lifeline to see them through to the summer by which time people will still have this crisis in mind when booking. Far from out of the woods, they need a proper investor or a sale.