Originally Posted by
ATNotts
The last paragraph in the TTG article said that as a result of Greybull's investment Monarch flights no longer needed ATOL which is surely factually incorrect since only package holidays are subject to ATOL requirements, scheduled service seat sales are not and never have been.
Sloppy journalism from what is supposed to be a specialist publication, or am i wrong?
Very wrong. Both TCX and MAL flights were allowed to be placed into ATOL by the CAA as a way of helping reduce exposure to credit card acquirers and taking on any repatriation or refund risk into ATOL.
If the £25.6M bill is for the moves made in preparation for Monarch's failure which obviously didn't happen, then I suspect there will be some red faces, though I would suspect there were some mitigating facts at the time. I assume credibility was fairly low at the time.
Things were looking pretty shonky, but the action they took could easily have tipped things over the edge, so I'd hope they'd think twice about doing similar in the future.