Monarch - 3
The Beeb's travel chief advising caution. Monarch are tweeting all is fixed, nothing to see here, move along now but the reality is this is simply an extension by a clearly very concerned (for job security) aviation authority whose liberty has been taken advantage of twice now. So far they are claiming they have investing/funding but there's no proof or detail of this.
It's not over yet. The Beeb's travel chief advising caution. Monarch are tweeting all is fixed, nothing to see here, move along now but the reality is this is simply an extension by a clearly very concerned (for job security) aviation authority whose liberty has been taken advantage of twice now. So far they are claiming they have investing/funding but there's no proof or detail of this.
Fit like min?
Join Date: Nov 2004
Location: ...
Posts: 2,126
Likes: 0
Received 0 Likes
on
0 Posts
FANS:
Government???
Monarch are a commercial company, they stand or fall as a commercial company. If they go down, other commercial companies take up the slack. Nothing to do the Govt.
But - I hope Monarch pull through.
Government???
Monarch are a commercial company, they stand or fall as a commercial company. If they go down, other commercial companies take up the slack. Nothing to do the Govt.
But - I hope Monarch pull through.
Join Date: Oct 2008
Location: UK
Age: 43
Posts: 139
Likes: 0
Received 0 Likes
on
0 Posts
I suspect there will be new ownership very soon with Greybull moving on or only playing a minor role. A foreign investor outside Europe seems very likely! It could be who people think - very interesting times ahead if this is true!
It's also pretty clear to anyone who knows anything about aviation that the CAA must be confident that Monarch have a solid future hence the extension to allow the new owner/investor to take over with a new ATOL certificate.
Hopefully this week we will know more!
It's also pretty clear to anyone who knows anything about aviation that the CAA must be confident that Monarch have a solid future hence the extension to allow the new owner/investor to take over with a new ATOL certificate.
Hopefully this week we will know more!
Pilot of the Airwaves
Join Date: Jan 2004
Location: Close to the Med
Age: 74
Posts: 812
Likes: 0
Received 0 Likes
on
0 Posts
Already posted in R & N
“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)/
“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)/
Join Date: Oct 2008
Location: UK
Age: 43
Posts: 139
Likes: 0
Received 0 Likes
on
0 Posts
Richard
I think FANS has a point re the government. A high profile failure which could have been averted by huge foreign investment from outside Europe (especially post Brexit) would definitely involve government. This would seriously shake confidence in a crucial area of the economy.
We are open for business are we not!!??
I think FANS has a point re the government. A high profile failure which could have been averted by huge foreign investment from outside Europe (especially post Brexit) would definitely involve government. This would seriously shake confidence in a crucial area of the economy.
We are open for business are we not!!??
Join Date: Aug 1999
Location: Al tube.
Posts: 464
Likes: 0
Received 0 Likes
on
0 Posts
Surely with post BREXIT the 49% maximum non-EU holding can be scrapped if the government so desires (it would tie in nicely with the theme of free trade) and thus Monarch with purely UK connections, unlike easyJet, Ryanair, IAG etc. may have a huge advantage by BREXIT in attracting non EU (Hainan?) investment?
Join Date: Oct 2003
Location: UK
Posts: 471
Likes: 0
Received 0 Likes
on
0 Posts
KyleRB,
I think Brigantee is correct. Delta were only able to purchase 49% of Virgin Atlantic and Virgin are a not public. I believe that EU rules limits non EU based companies to no more than 49%, however another EU based airline could invest more.
Happy to stand corrected if wrong. Until Brexit is complete the UK is still very much subject to EU rulings. I doubt the UK government would want to change the investment rulings anyway.
I think Brigantee is correct. Delta were only able to purchase 49% of Virgin Atlantic and Virgin are a not public. I believe that EU rules limits non EU based companies to no more than 49%, however another EU based airline could invest more.
Happy to stand corrected if wrong. Until Brexit is complete the UK is still very much subject to EU rulings. I doubt the UK government would want to change the investment rulings anyway.
As has been said in the previous post this has to be done iaw with EU rules, which TBF has allowed the French and more importantly in the context of this thread the Chinese to partake in Funding Hinkley point.
Join Date: Aug 1999
Location: Al tube.
Posts: 464
Likes: 0
Received 0 Likes
on
0 Posts
There is nothing to be said that something legally binding can't be written into any sale contract to allow a controlling stake to be a purchase option in say 3 years time, i.e. post BREXIT so it could be highly relevant.
It could be held up as an example by the government of the advantages in post BREXIT and free trade by the government making the rules rather than the EU.
It could be held up as an example by the government of the advantages in post BREXIT and free trade by the government making the rules rather than the EU.
Join Date: Mar 2016
Location: UK
Posts: 34
Likes: 0
Received 0 Likes
on
0 Posts
Being at MON last time round the extension was just that, an extension because no deal had been made but it seemed possible.
Fingers crossed the MON staff get a good deal with the next investors. The deal with grey bull was massive redundancies and 30% pay cuts. Would hate to see the staff go through that again to satisfy another potential investor.
Fingers crossed the MON staff get a good deal with the next investors. The deal with grey bull was massive redundancies and 30% pay cuts. Would hate to see the staff go through that again to satisfy another potential investor.
False rumours and malicious speculation. Monarch are good to go.
Watch this space.
Watch this space.
So tell the Eu to get lost re Monarch but where does that leave Easyjet and Ryan both much much bigger who are very EU dependent?
And of course the Eu can always turn round and add conditions to 'foreign ' airlines operating largely inside the Eu so a quick fix on Monarch may not be so simple.
there is no free trade anymore it was 19th century concept and in todays world does not exist
And of course the Eu can always turn round and add conditions to 'foreign ' airlines operating largely inside the Eu so a quick fix on Monarch may not be so simple.
there is no free trade anymore it was 19th century concept and in todays world does not exist