Originally Posted by
01475
They can't be faulted for *lack* of patience with Monarch.
They were right, and even Monarch aren't saying they weren't. This show couldn't have lasted another year; there would have been a disorganised collapse at some random time.
It's sad nobody wanted to buy it. I'm wondering if something awful has been done to its assets (borrowing secured against slots or something like that), or if the industry really is in a *terrible* mess.
The CAA hasn't dictated the timeline. It's no coincidence its now - greybull wont want to stump up and additional payments if they think they wont get it back.
So the ATOL renewal at the end of Sept is at a time when Monarch have the most money - after a summer season which should be the busiest time for it and before the winter kicks in where the losses occur.
The end note from AS event states it was because of the projected loss rather then it has run out of money now.
There's some seriously unanswered questions about this.
Clearly ZB management knew about this days ago - they had to make price adjustments on Saturday to be live for Sunday. The CAA had a ton of information ready to go and had apparently been arranging flights since mid to late last week.
The shelfco setup etc
The airline even received offers - whats potentially sad is that it may have been bought or taken over but again greybull felt that it was worth more in scraps then selling nicely forgetting the staff etc.
Also if ZB knew on Saturday why was it still letting people turn up at airports - it had the Ibiza people partially on the plane - utter contempt for staff and passengers.
As the letter from AS - crowing about greybull - well he would given he'll still be on payroll for MAEL. Did he forget the courage of his staff taking massive cuts and pensions to save the business.
"The root cause terrorisim" -
Seriously you cant make this up. Nothing about lack of direction, failure to respond to the market.
"We asked a respected aviation consulting firm to review how we could improve our short haul network" -
More consultancy fees. After 50 years in business you'd think ZB could have some idea.
"At the same time we built our long haul plans and asked them to validate these plans, which they did, and agreed that they were attractive and viable" -
This is LH which MON dumped only a couple of years earlier when they wanted to go head to head with the LCC's.
"Regrettably although there was considerable interest, there was no deliverable offer" -
This is what makes me think Greybull decided it was worth more in bits rather then as a going concern. It got offers but just none that it accepted.
"I am so sorry that thousands now face a cancelled holiday or trip, possible delays getting home and huge inconvenience as a result of our failure"
Yet they still let people go to the airports for departures on late Sunday and early Monday despite seemingly knowing what decision they'd made days earlier.
"You can all hold your heads up high and be proud of what you achieved at Monarch"
Can greybull and management though?
Yet another business in the UK offloaded to private equity for a few quid or less only to be stripped apart once its been bled of anything of value. It will be very interesting to see what consultancy fees and payments end up going back to greybull - which i imagine wont end up with a loss when all said and done.