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Monarch Airlines goes into administration

Monarch Airlines goes into administration

2017 10 02

2017 10 02

Monarch Airlines goes into administration with ALL flights from UK cancelled and not rescheduled.

 

Monarch Airlines has been placed into administration, it was confirmed this morning.

All flights from the UK have been cancelled and will not be rescheduled, accountants KPMG said.

The news came after the crisis-hit airline won an 11th-hour deprive as it battled to avoid collapse.

The Civil Aviation Authority granted a temporary extension on its Air Travel Organisers Licence, which is needed to fly package holidaymakers. The lifeline on the cover, which sought to protect customers if a firm goes bust, came less than six hours before it was due to expire at midnight last night.

The ailing airline currently has 100,000 customers abroad – 10,000 of them on package deals. A further 500,000 have booked to travel in the coming months.

The CAA refused to comment on negotiations but said on Saturday night: “ATOL protection will remain available for eligible holiday bookings made with Monarch on Sunday.”

Monarch’s woes have been blamed on rising fuel costs, the weak pound and terror fears. The crisis comes a year after it turned to its owners, ­private equity firm Greybull, for a £165million rescue package.

Meanwhile, those hit by Ryanair cancellations were livid to be told they were not eligible for improved compensation offers. Michael O’Leary’s budget airline axed more than 20,000 flights this week.

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