Monarch - 3
Join Date: Aug 2004
Location: Hemel Hempstead
Posts: 1,092
Likes: 0
Received 0 Likes
on
0 Posts
Join Date: Oct 2004
Location: Near sheep!
Posts: 915
Likes: 0
Received 0 Likes
on
0 Posts
Speculation over:
“I am delighted that we have been able to come to an agreement with the CAA on the extension of Monarch’s ATOL licence and am excited about the additional capital coming into the group which will help us fund our future growth. I am immensely proud of the professionalism of the Monarch team.”
“I am delighted that we have been able to come to an agreement with the CAA on the extension of Monarch’s ATOL licence and am excited about the additional capital coming into the group which will help us fund our future growth. I am immensely proud of the professionalism of the Monarch team.”
Join Date: Apr 2011
Location: Lancashire
Posts: 140
Likes: 0
Received 0 Likes
on
0 Posts
It's fanstastic news for all concerned, especially the employees.
Monarch reaches ATOL licence agreement and secures funding - Monarch Blog
Monarch reaches ATOL licence agreement and secures funding - Monarch Blog
after a tough couple of weeks.
Join Date: Jan 2014
Location: Southern England
Age: 67
Posts: 8
Likes: 0
Received 0 Likes
on
0 Posts
This is very far from over.
“The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016.
“The CAA was able to do this by requiring the shareholder to provide additional funding and because customers' money will be protected.
“Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full ATOL licence.
“Monarch will remain ATOL licensed until this extension expires.
“The CAA always advises consumers to ensure they book ATOL-protected air holidays and consumers who choose to book an ATOL-protected flight or holiday with the company during this time will continue to be protected by the ATOL scheme.
“During this period of extension, the CAA will continue to monitor the company.”
“The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016.
“The CAA was able to do this by requiring the shareholder to provide additional funding and because customers' money will be protected.
“Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full ATOL licence.
“Monarch will remain ATOL licensed until this extension expires.
“The CAA always advises consumers to ensure they book ATOL-protected air holidays and consumers who choose to book an ATOL-protected flight or holiday with the company during this time will continue to be protected by the ATOL scheme.
“During this period of extension, the CAA will continue to monitor the company.”
Join Date: Aug 2007
Location: West Yorkshire
Posts: 635
Likes: 0
Received 0 Likes
on
0 Posts
Very good news, there will be some very relieved families tonight. I do hope Monarch can get the funding in and I have no doubt it will continue to be a difficult road, but for now lets all be happy with the news and one of Britains oldest established Airline continues to fly 
Join Date: Apr 2011
Location: Lancashire
Posts: 140
Likes: 0
Received 0 Likes
on
0 Posts
The announcement on their website says it's an extension, and it's still great news. The CAA wouldn't have granted it if they weren't pretty damn sure that the investment was forthcoming.
Join Date: Nov 2001
Location: London Whipsnade Wildlife Park
Posts: 5,038
Likes: 0
Received 0 Likes
on
0 Posts
And now the best news of all!
Budget airline Monarch has received an extension to its licence to operate, the company has announced.
It also said it had received "significant" further investment and was close to announcing the biggest investment in its 48-year history.
The news came just ahead of a midnight deadline for the renewal of its Civil Aviation Authority (CAA) licence .
Last weekend Monarch was forced to deny "negative speculation" about its financial health.
On Saturday Monarch is due to operate 133 outbound and inbound flights, and passengers have been expressing their concerns about what was going to happen on social media.
The airline employs around 2,800 staff and is based at Luton Airport.
Monarch is protected by the CAA's Air Travel Organisers' Licensing (Atol) scheme - the scheme that refunds customers if a travel firm collapses, and ensures they are not stranded.
But for the licence to be renewed, allowing it to continue to trade, the airline had to prove that it was financially robust.
Monarch has been majority-owned by Greybull Capital since 2014, when the investment firm bought a 90% stake in the airline.
Greybull also bought a division of Tata Steel this year, as well as 140 M Local convenience stores from Morrisons, which subsequently went into administration.
Budget airline Monarch has received an extension to its licence to operate, the company has announced.
It also said it had received "significant" further investment and was close to announcing the biggest investment in its 48-year history.
The news came just ahead of a midnight deadline for the renewal of its Civil Aviation Authority (CAA) licence .
Last weekend Monarch was forced to deny "negative speculation" about its financial health.
On Saturday Monarch is due to operate 133 outbound and inbound flights, and passengers have been expressing their concerns about what was going to happen on social media.
The airline employs around 2,800 staff and is based at Luton Airport.
Monarch is protected by the CAA's Air Travel Organisers' Licensing (Atol) scheme - the scheme that refunds customers if a travel firm collapses, and ensures they are not stranded.
But for the licence to be renewed, allowing it to continue to trade, the airline had to prove that it was financially robust.
Monarch has been majority-owned by Greybull Capital since 2014, when the investment firm bought a 90% stake in the airline.
Greybull also bought a division of Tata Steel this year, as well as 140 M Local convenience stores from Morrisons, which subsequently went into administration.
Join Date: Jan 2000
Posts: 639
Likes: 0
Received 0 Likes
on
0 Posts
Great news for the employees & customers - disgraceful they were ever put through this.
The Monarch press release talks about extending the ATOL license, which I took to mean for 12 months. The CAA talks of only 12 days however.
It seems Greybull coughed up with a full 4 hours to spare, and hopefully new backers and a new management team will come on board to professionalise this shambles.
The Monarch press release talks about extending the ATOL license, which I took to mean for 12 months. The CAA talks of only 12 days however.
It seems Greybull coughed up with a full 4 hours to spare, and hopefully new backers and a new management team will come on board to professionalise this shambles.
Join Date: Jun 2008
Location: Europe
Posts: 136
Likes: 0
Received 0 Likes
on
0 Posts
Beware, this is what the CAA say in the media release:
“The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016.
“The CAA was able to do this by requiring the shareholder to provide additional funding and because customers' money will be protected.
“Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full ATOL licence.
“Monarch will remain ATOL licensed until this extension expires.
“The CAA always advises consumers to ensure they book ATOL-protected air holidays and consumers who choose to book an ATOL-protected flight or holiday with the company during this time will continue to be protected by the ATOL scheme.
“During this period of extension, the CAA will continue to monitor the company.”
https://www.caa.co.uk/News/CAA-state...ptember-2016)/
It is not new ATOL, it is an extension of the existing one.
“The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016.
“The CAA was able to do this by requiring the shareholder to provide additional funding and because customers' money will be protected.
“Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full ATOL licence.
“Monarch will remain ATOL licensed until this extension expires.
“The CAA always advises consumers to ensure they book ATOL-protected air holidays and consumers who choose to book an ATOL-protected flight or holiday with the company during this time will continue to be protected by the ATOL scheme.
“During this period of extension, the CAA will continue to monitor the company.”
https://www.caa.co.uk/News/CAA-state...ptember-2016)/
It is not new ATOL, it is an extension of the existing one.
Join Date: Jan 2000
Posts: 639
Likes: 0
Received 0 Likes
on
0 Posts
Greybull are putting in the emergency interim funding now, with the bigger fundraising still to be confirmed hence the 2 week only extension.
It's great news for the staff, but Greybull could have done this weeks ago.
It's great news for the staff, but Greybull could have done this weeks ago.