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Monarch - 3

Old 7th Oct 2016, 22:05
  #3801 (permalink)  
 
Join Date: Feb 2012
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Well said Saxon , HH does seem to be getting off on the whole drama .

As you say its peoples livelihoods at stake .
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Old 8th Oct 2016, 00:32
  #3802 (permalink)  
 
Join Date: Feb 2001
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Aircraft leases, fuel, overseas handling, nav charges and overseas staffing are up to 20% more expensive then they were a year ago, just because of brexit uncertainty.

I would bet that 90% + of ZB revenue is in GBP.
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Old 8th Oct 2016, 10:57
  #3803 (permalink)  
 
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Just trying to add a bit of realism - and it IS a high tension drama - they only have a very limited time to come up with the cash. History shows that some companies make it and some don't.... but sitting with your hands over your ears and hoping it will all go away isn't a very wise option TBH

I've been in a couple of companies that have hit the wall and I wouldn't wish it on anyone. The personal anguish and disruption are really horrible

I've flown on Monarch reasonably often and have always thought they were at the better end of the spectrum for what it's worth. It would be terrible shame to lose them.
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Old 8th Oct 2016, 11:17
  #3804 (permalink)  
 
Join Date: Oct 2012
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Why the silence

Hi

I am sure that Monarch would not make any announcements while discussions are ongoing and will only say something when everything is signed, sealed and delivered. I would not read anything in to the fact that there has not been any announcements so far. Hope things are going on OK
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Old 8th Oct 2016, 11:54
  #3805 (permalink)  
 
Join Date: Jul 2005
Location: UK
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I guess part of the reason for the silence is that Monarch's press release about the temporary extension was worded carefully so as to have the effect that someone who didn't know about the issues would think it was saying that the problem was permanently resolved.
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Old 8th Oct 2016, 11:58
  #3806 (permalink)  
 
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I'd have to side with HH here, a hint of realism is what is necessary.

I don't believe any professional pilot would wish for any airline to go down the swanny, even if that airline is in direct competition with the one we work for. Having been there, as many many of us have, some on more that one or two occasions we wouldn't wish it on anybody. There was a supposed investor standing in the wings when the airline that I worked for went under, sadly the investment didn't materialise despite the promises.
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Old 8th Oct 2016, 12:23
  #3807 (permalink)  
 
Join Date: Aug 2014
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You must have read a different pres realease than i did , The one i read stated clearly the licence had been extended until the 12th when they expected it to be renewed
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Old 8th Oct 2016, 13:19
  #3808 (permalink)  
 
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Breaking news on Sky. £160m investment by shareholders to be announced on Wednesday. Included in announcement is a deal with Boeing to sell and lease back the 45 new a/c they have on order that will free up significant additional funds ?? Typical shallow depth of knowledge from the press, so that Boeing deal as they described it made little sense, Wednesday should reveal more.
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Old 8th Oct 2016, 13:35
  #3809 (permalink)  
 
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See SKY News, Monarch seem to have had help from Boeing Reporter not quite clear of the facts at this time
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Old 8th Oct 2016, 14:59
  #3810 (permalink)  
 
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Boeing flies to Monarch's rescue with restructured fleet deal
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Old 8th Oct 2016, 15:15
  #3811 (permalink)  
 
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More old news rehashed by the press?
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Old 8th Oct 2016, 15:20
  #3812 (permalink)  
 
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Only part of the story i guess , Sky just recycling news
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Old 8th Oct 2016, 15:23
  #3813 (permalink)  
 
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Originally Posted by Brigantee View Post
You must have read a different pres realease than i did , The one i read stated clearly the licence had been extended until the 12th when they expected it to be renewed
Apparently I did, and the one I saw is what they're giving customers;

http://blog.monarch.co.uk/monarch-reaches-atol-licence-agreement-and-secures-funding/

Monarch reaches ATOL licence agreement and secures funding

(Luton, UK – 30 September 2016) Monarch has successfully concluded discussions with the Civil Aviation Authority (“CAA”) to extend its ATOL licence, for which it thanks the CAA. The company has also received significant further investment from shareholders and is close to announcing the largest investment in its 48-year history.

Monarch continues to fly and looks forward to welcoming customers on board.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented:

“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.”
It's not dishonest, but it wouldn't be read by a customer to take the correct understanding of the situation.
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Old 8th Oct 2016, 15:32
  #3814 (permalink)  
 
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The current situation is the CAA have extended their current licence ....Which is what it states , How could that be construed as dishonest ?
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Old 8th Oct 2016, 15:41
  #3815 (permalink)  
 
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Depends what you mean by dishonest, but certainly incomplete - I don't see any mention of 12 days?

The CAA statement is below (my underlining)


CAA statement on the extension of Monarch ATOL licences (30 September 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 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)/
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Old 8th Oct 2016, 15:47
  #3816 (permalink)  
 
Join Date: Jul 2005
Location: UK
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The language, and phrases like "Monarch reaches ATOL licence agreement and secures funding" and "successfully concluded discussions" wouldn't lead the reader to think of an extension of less than two weeks.

As I said, it isn't dishonest. But it would have yhe effect that someone who didn't know about the issues would think it was saying that the problem was permanently resolved. And for that reason they wouldn't go posting updates until it actually was.
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Old 9th Oct 2016, 10:39
  #3817 (permalink)  
 
Join Date: May 1999
Location: Europe
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Tough times ahead

Firstly, best wishes to all at Monarch and hopefully the restructured deal provides a secure platform for the future for all.

The currency instability £ / $ (1.55 down to 1.25) sets out much of the present difficulty and the trend, if it continues, shows what lies ahead. Irrespective of how well your fuel is hedged or how good a deal you struck with a manufacturer, if you face an adverse currency shift to the tune of 25%, it presents a serious challenge to all UK operators.

The cost of leisure travel to the US is now out of reach for many in the UK and that will impact on us all.
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Old 9th Oct 2016, 11:53
  #3818 (permalink)  
 
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More detail here.

Monarch is understood to be close to agreeing a revised aircraft order with Boeing that could help to secure the company’s future.

Sky News reports that Monarch is putting the final touches on a refinancing deal centred around the purchase of 45 aircraft announced in 2014.

The financial restructuring is understood to include sale and lease-back agreements which would free up crucial cashflow for the carrier.

Monarch was granted a 12-day extension on its Atol renewal on Friday last week, in order for it to confirm further financial investment and reassure the CAA that it was in a sound position to continue trading.

The Sky News report says the refinancing with Boeing was likely to contribute to £165 million investment package which will also see Monarch’s owners Greybull Capital inject more capital into the company.

The report quotes from an email sent by chief executive Andrew Swaffield to Monarch employees, which strikes an upbeat tone but warns that a final announcement on the company’s Atol renewal was unlikely to be made before the deadline day of Wednesday this week.

The email said: "I was at the CAA on Monday and have been spending a lot of time over the last two days with our legal and finance teams, as we dot the i's and cross the t's on the largest investment in our history - on the back of which we expect the CAA to renew our licences and which will help us move into the next stage of our growth and development.

"It's been another busy week for all of us following the events of last Friday and the extension to our Atol licences.

"All parts of the business are working hard, both to keep things 'business as usual' and maintain consumer and customer confidence, in the face of continued media and social media commentary and speculation.

"As soon as we are able to give details of our investment and confirm the renewal I will.

"But to manage your expectations, this will be on the 12th (Wednesday).

"As said before, there is a process the business must follow and this takes time."

Monarch, Boeing and Greybull were all unavailable for comment, Sky reported.
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Old 9th Oct 2016, 14:24
  #3819 (permalink)  
 
Join Date: Aug 2014
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Seems bizarre that the matter is going to run all the way to yet another deadline

Either the CAA are happy or they aint.....
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Old 9th Oct 2016, 14:48
  #3820 (permalink)  
 
Join Date: Oct 2008
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Brigantee

You can't seem to decide what you think! It's been back and forth with your opinions as I have observed these last few weeks!

So much pontification going on here, do folks not have anything better to do??

The reason it will run through until the 12th is because this date was preset as an announcement date within Monarch even before it was public news!

There is lots going on behind the scenes that no one here has a clue about but keep pontificating and calling it 'bizarre' if that's your penchant!
KyleRB is offline  

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