Monarch had a sizeable amount of £/€ forward contracts with us this month with a rate of approx 1.15, compared to the current spot price. Every company who deals with international payments will have some considerable forward rates.
They also had some large £/$ forward contracts, again, with...
A regular comment made by some of our colleagues/contacts, management was not adaptable and were often beaten by the likes of Ryanair. Too static and unresponsive to the Arab Spring as well.
Much needed for us too - I hated the FX deals, I'm not going to disclose much. Mark-to-market just was not pretty with our forward contracts, they were getting about 15% higher than the current spot rate.
I'm partially unaffected - if anything my company saves a fair amount of money as we had forward contracts due to mature this month with Monarch. We're monitoring the situation constantly and in talks with Greybull - I won't disclose who I work for but it wouldn't take much to figure out who it...
Bit more to it, there's also the loss of demand due to the instability in core regions Monarch operate in. FX isn't particularly the issue - my company had a shit ton of forward contracts with very favourable rates for them, we were losing on those when considering mark-to-market
EDIT: I...
They could organise a big party, sell tickets to the biggest stars and have a load of hotties available for the guests. I wonder what politician would be capable of organising such an event?
That should raise some cash
Someone made a thread about this some time ago, I cannot remember when but someone made a thread about hearing Monarch's in financial trouble.
edit: here we http://www.northstandchat.com/showthread.php?343432-Monarch-to-go-bust&highlight=monarch
We've been anticipating this for a while at my company, we've had a huge amount of forward contracts for FX with Monarch, we had murmurs that they were desperate to cancel the contracts.
Market conditions truly went against Monarch.
Ah, I guess you know capitalism is at fault for the Syrian...