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Monarch-5
The UK taxpayer ended up paying for the repatriation flights at a cost of £60m.
https://www.thisismoney.co.uk/money/...e-Monarch.html Documents from administrators at KPMG show that Greybull Capital, Monarch’s former owner, made a loss from the administration. Greybull, a secured creditor, promised to reimburse the Department for Transport for some or all of the repatriation flights if it made money from the administration. |
I though this was going to be about a BE-esque ‘Monarch MkII’ ! Can you imagine? Would probably go as badly as the sequel Jaws-The Revenge
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From my understanding Greybull ‘managed ‘ Monarch, then charged massive‘management fees’. The two main shareholders would have got dividends plus a majority of the sale of assets and guess who were the main shareholders....the Meohas brothers:ugh:
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tubby linton
Who'd have thought it, accountants engineer a loss, we pick up the tab! |
THE best accountants and lawyers in the world reside in the movie and entertainment business. A movie can take zillions and always seems to make a "loss"
Not for nothing do they use the phrase "don't mess with the Mouse" |
Known as “Hollywood Accounting”.
https://en.m.wikipedia.org/wiki/Hollywood_accounting But I’m sure this is all legal and above board, and just another unfortunate failure for Greybull, who don’t seem to have much luck with the companies they invest in (Comet, Riley’s pool hall’s, M Local, Monarch, Tata Steel...) |
Also appears the airline has now moved from Administration to dissolution:
https://www.insolvency-kpmg.co.uk/Vi...0-347f90481a6c |
Would anybody have a list of the current location of the former Monarch fleet?
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Many thanks Jethro, at least some of them haven’t become beer cans yet.
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Was a sad day
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very sad :(
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Perhaps worth remembering that Monarch had been financially troubled for a long time beforehand. Sad, but unfortunately not unexpected. Business is not forgiving forever
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certainly true but having said that, sad to lose any airline and for the staff impacted by it
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