Monarch - 3
Join Date: Jan 2006
Location: UK
Posts: 94
Likes: 0
Received 0 Likes
on
0 Posts
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.
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.
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
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.
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).
Join Date: Jan 2008
Location: london
Age: 43
Posts: 24
Likes: 0
Received 0 Likes
on
0 Posts
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.
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.
Join Date: Mar 2004
Location: schermoney and left front seat
Age: 57
Posts: 2,438
Received 0 Likes
on
0 Posts
Are you sure about that??
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....
Join Date: Oct 2004
Location: Near sheep!
Posts: 915
Likes: 0
Received 0 Likes
on
0 Posts
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......
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......
Join Date: Mar 2001
Location: Either the back of a sim, or wherever Crewing send me.
Posts: 1,031
Likes: 0
Received 1 Like
on
1 Post
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.
Join Date: Feb 2004
Location: Manchester, UK
Age: 51
Posts: 760
Likes: 0
Received 0 Likes
on
0 Posts
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
@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
