AmexRuislip
Trainee Spy 🕵️♂️
How about your circumstances, what happens to your 'financial' stability, in regards to future employment?
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- Thread starter Rugrat
- Start date
How about your circumstances, what happens to your 'financial' stability, in regards to future employment?
GreersElbow
New member
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 is. Nonetheless, my department manages our liquidity and exchange rate risk and this is something we've had an eye on for a while.
- Thread starter
- #63
You could easily convince them that black's white. Any kind of dodgy Management Accounts would have done it. That's part of my angst when these things crop up ... two weeks ago they're talking up the business and saying how there's nothing of substance in the rumours of financial difficulty and then they go bang, take down a whole bunch of creditors, passengers and staff. If they (regulator, investors) had even the basic checks and balances in place they would have seen this coming clear as day. Everyone in Snr Mangement knew and they'll walk away with the story they've been rehearsing the past few weeks and a 'clear conscience' no doubt
Grayling on TV did a good impression of a piece of soggy lettuce, and as for saying the DWP were ready to deal with staff who were losing their jobs, he made it sound like some sort of favour. Grrrrrrrrrrrrrrrrr!
AmexRuislip
Trainee Spy 🕵️♂️
GreersElbow
New member
Cheers for that, at least you have breathing space and foresight
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.
AmexRuislip
Trainee Spy 🕵️♂️
I suppose this kind of on par with Mr Green and BHS staff pensions!
Bob!
Coffee Buyer
- Jul 5, 2003
- 11,138
I booked a Jet2com package on Friday for the November international break for under £1000.
Same holiday today would be over £1200.
Only 5% of their business was covered under ATOL - the package holiday part of the business. Last year when Monarch were going through the same shenanigans with the CAA, the latter made them also take an ATOL contribution on their seat only fares (the other 95% of the business) By December last year, the CAA were satisfied with their financial restructuring and removed the requirement to make a contribution on the Seat Only fares (go figure!! Hindsight etc) So basically if 95% of the business after Dec last year wasn't ATOL guaranteed, there is no protection to pay for other airlines flights.
ATOL under it's different guises for protection takes some figuring out - trust me!!
BensGrandad
New member
What would their assets be as I would assume the planes are leased and the HQ office block etc rented. Which if correct would suggest their assets are very minimal.
Slots at airports basically - worth a fortune!!
BensGrandad
New member
and routes I suppose.
clippedgull
Hotdogs, extra onions
All passengers will be flown home at no extra cost to themselves under the governments guarantee. People are not being asked to buy tickets on other airlines as the government have told the CAA to lease planes to repatriate all Monarch customers.
- Thread starter
- #73
- Thread starter
- #74
The other 650,000 who haven't yet gone and didn't buy a package holiday are at risk of losing their money (those who paid by debit card or where flights were purchased for less than £100)
BensGrandad
New member
That being the case why couldnt the government have given Monarch a 14 day extention or just pay to use their planes etc to bring people home with no outgoing flights permitted.
GreersElbow
New member
Literally anything owned by Monarch, valuable to any company and as above poster suggests - slots too. Very lucrative
BensGrandad
New member
You must realize that I am only your average joe with no real knowledge of the industry but just interested in what is happening and how it will affect me in the future when I fly.
In theory Monarch could have carried on flying without the ATOL Licence (only covers the package holiday arm of the business) but that would spook their Creditors not getting the licence due to financial issues and it would spiral into a Contigent Effect. Flying people back on their own planes would in that situation likely rile Creditors.
14 day extension - happened last year when the finances were in better shape, but I guess this year it was obvious to a blind man and a dog that the situation wasn't recoverable.
stugbhafc1
Stuie G
My misses has just come back from her meeting at gatwick (very tearful one) and said that both easyjet and norweigen both offered to buy monarch from greyball but turned it down
BensGrandad
New member
Who turned it down Greyball or the airlines, not clear. Even so could a 2nd approach be made?