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Monarch - 3

Old 30th Sep 2016, 13:48
  #3581 (permalink)  
 
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It looks like there is more to it than just paying a bond though.

The CAA seem to take an in depth look at the holders finances.

https://www.caa.co.uk/ATOL-protectio...cial-criteria/

With Monarch publicly looking for a cash injection for a few months, and publicly stating it again this week, it is perhaps not unsurpring the action the CAA have taken.

Good luck to all all involved. An unsettling time for all the guys and girls involved.
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Old 30th Sep 2016, 16:02
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Any news this afternoon?
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Old 30th Sep 2016, 16:18
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To think such a serious matter/affair can be allowed to go to the wire says a lot of about the management and the chances for Monarch's survival. Ģ40 million profit won't even last a couple of months in the winter. It means nothing. So anyone who thinks this is an indication of a healthy airline really doesn't know the industry well enough. Time to get real. The Chinese are silent and Greybull weary of investing the right amount. It is my opinion that the ATOL license is about to be pulled.

Monarch licence still ‘up in the air’ hours before it expires
Monarch licence still ?up in the air? hours before it expires

Monarch in crisis talks to extend flying licence for package holidays
https://www.theguardian.com/business...ckage-holidays

Last edited by MonarchOrBust; 30th Sep 2016 at 16:42.
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Old 30th Sep 2016, 16:21
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Well, all the best to all of the crew and staff there. I'm really hoping for the best however and that it will be business as usual come Monday.
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Old 30th Sep 2016, 16:35
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I couldn't agree more Hearty.
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Old 30th Sep 2016, 16:39
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Crisis talks in progress right now with CAA top chiefs, Monarch CEO and Greybull brothers at the CAA right now trying to prove they have the funds to continue operations. CAA will be working out how Ģ40 million profit gained over summer will last over the hard winter. With Monarch not really big on the winter sun destinations like other airlines (who also continue to make a loss), it is likely the ATOL license will be pulled. Of course they can continue to sell flights until they declare themselves bankrupt as the AOC will be valid (you don't need to be financially sound to have an AOC).
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Old 30th Sep 2016, 16:45
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As an ex bmi pilot I empathise fully with the Monarch crews, and wish them the best. It is hard to not think about this when flying in the "office".

I played over in my mind all the possible outcomes for bmi, and am sure you will all be doing the same.

We found out our fate at bmi via social media and the press before management told us, and I expect Monarch to do the same.

All that I can offer is that despite not knowing what is happening, or will happen, there will be other jobs out there for the right people in other airlines, and to remain positive.

Lets hope Monarch is saved in the 11th hour. MOL predicted years ago that there would be 5 major UK airlines left. After the demise of bmi, XL, flighline etc I am worried he may be right...

Fingers crossed.

ps- I did my stint in the sandpit after bmi, and have finally returned to europe after 4 years- so I empathise with any drivers and families that this may affect.
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Old 30th Sep 2016, 16:50
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(you don't need to be financially sound to have an AOC)
Are you sure about that??
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Old 30th Sep 2016, 16:55
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Are you sure about that??
IIRC you have to have 80.000 Euros basically cash. Thats more or less it.

Friend of mine had his AOC pulled cause he didnīt have the 80K. He operated a single CJ1. Same day Condor announced losses of 320 Mio....
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Old 30th Sep 2016, 17:10
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MoB - how sure are you about your last post - are you in the meeting room?!
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Old 30th Sep 2016, 17:47
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I am so disappointed to say I think he's spot on! God I thought these days were behind us!
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Old 30th Sep 2016, 17:53
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But there must also be political pressure to at least extend the deadline. The twitter a/c is still very positive
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Old 30th Sep 2016, 18:10
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To think Monarch could actually go?
We can speculate around the disruption for pax...short term loss. But let's hope it doesn't happen for all the employees. Dreadful!

Unless of course a rescue 'buy out/merge' comes out of the woodwork. Now that would be one hell of a coincidence......
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Old 30th Sep 2016, 18:15
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Yes - and that's probably plan A given Greybull have had weeks to offer their golden assistance.

Alternative is to convert to a bank, and then the government will bail you out.
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Old 30th Sep 2016, 18:17
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All I can say is good luck to all at Monarch. Until you have been through this you have no idea how horrible it is!

I truly hope things work out for you.
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Old 30th Sep 2016, 19:00
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Why oh why does it always end up going to the wire? Whoever is responsible for this at Monarch is responsible for some dreadful stress that their employees are suffering. Let's all hope that the results of this evenings discussions at the CAA are positive, none of us want to see any airline do down the swanny.
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Old 30th Sep 2016, 19:08
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Joe Lynam BBC Biz Verified account
‏@BBC_Joe_Lynam

@Monarch has received significant further investment from s/holders. Close to announcing the largest investment in its 48-year history

CAA grants @Monarch a temporary Atol licence extension for two weeks to allow backers to raise "largest investment in its 48-year history."

John Moylan
‏@JohnMoylanBBC
@Monarch says has successfully concluded discussions with the Civil Aviation Authority to extend its ATOL licence
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Old 30th Sep 2016, 19:11
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fantastic news! And not just because im flying with them tomorow morning!
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Old 30th Sep 2016, 19:13
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According to SKY news at 2010 bst Monarch has reached agreement with the CAA to continue trading.
So looks like good news for all concerned.
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Old 30th Sep 2016, 19:16
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Deal agreed with the CAA for the ATOL according to Sky
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