Not sure how anyone can think Greybull has the capital to purchase the Boeing 737 max aircraft.
I questioned on this forum 18 months ago the policy of Monarch getting rid of fairly new aircraft and replacing with older aircraft.
many memebers threw my comments back in my face.
These accounts (filed late) show a reduction in aircraft asset worth of £80m due to the new mix, the figures dont lie.
The Onerous Contract provision of £198.1M relates to lease costs being higher then revenue over the lease periods and the Impairment of Aircraft costs of £102.762M relating to cost to be outlayed to ensure leased aircaft can be returned without a liability.
management can see no change in leased position until 2022 and hope that building up the holiday side will bear fruit.
Cosmo holidays now renamed Monarch Holidays has seen a reduction of 25% in sales, not going in the right direction for this plan to work.
The £150M Greybull put in last October has now been accounted for, where is the £1B needed for the new aircraft.
Fortunatley as seat only sales no longer ATOL covered, the renewal of the ATOL insurance at the end of September should not be as difficult as last year, but we have no knowledge of the last 10 months trading other the companys comment that they saw profits down 35% on 2016 levels. Greybull are likley to have to find funds even for the shrinking ATOL cover as its unlikly to be covered by this years profits.