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Monarch to go bust?
- Thread starter Springal
- Start date
Icy Gull
Back on the rollercoaster
- Jul 5, 2003
- 72,015
thedonkeycentrehalf
Retired
- Jul 7, 2003
- 8,643
Good news for now - I hope the future is secured but the wording on the BBC site from the CAA seems very cautious and it is only a temporary licence that they have been granted
Greybull has now put extra funds into the airline, enabling the CAA to grant a temporary extension to the airline's licence until 12 October.
By that time Monarch is confident it will have secured the "largest investment in its 48-year history".
In a statement the CAA said it was able to extend the licence "by requiring the shareholder to provide additional funding and because customers' money will be protected".
"Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full Atol licence.
"Monarch will remain Atol-licensed until this extension expires. The CAA always advises consumers to ensure they book Atol-protected air holidays and consumers who choose to book an Atol-protected flight or holiday with the company during this time will continue to be protected by the Atol scheme."
Greybull has now put extra funds into the airline, enabling the CAA to grant a temporary extension to the airline's licence until 12 October.
By that time Monarch is confident it will have secured the "largest investment in its 48-year history".
In a statement the CAA said it was able to extend the licence "by requiring the shareholder to provide additional funding and because customers' money will be protected".
"Monarch now has 12 days to satisfy the CAA that the group is able to meet the requirements for a full Atol licence.
"Monarch will remain Atol-licensed until this extension expires. The CAA always advises consumers to ensure they book Atol-protected air holidays and consumers who choose to book an Atol-protected flight or holiday with the company during this time will continue to be protected by the Atol scheme."
Since1982
Well-known member
Any more insight into this situation ahead of the 12 October deadline? I'm tempted to book some flights with them as cheaper than EasyJet for a November holiday. Obviously it's a risk but I'm unclear as to how much of one. Not worried about losing the money as ATOL protected but would have to rebook flights to get to our destination.
stugbhafc1
Stuie G
My misses works for monarch and has done for 18 years and has heard some very positive things pending the big announcement on wednesday so fingers crossed
thedonkeycentrehalf
Retired
- Jul 7, 2003
- 8,643
I hope it all works out but Wednesday is the deadline set for the end of the extension so they are cutting things very fine.
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 70,337
Would make sense to hold fire on your booking until 13th October shirley? I'm still being bombarded by email offers from Monarch (more in the past fortnight than in the last couple of years combined). The suspicion lingers that they're trying to scoop up as much short-term money as possible in a less than responsible way. For sure, their prices are very tempting, and some decent more unusual destinations also, but if the offers are genuine, they'll still be there on 13th October. At that point, I'll be more than happy to book with them.
Since1982
Well-known member
I was nervous and then found the same hotel via BA holidays for great price so have booked with them. It did feel like a gamble going with Monarch and even though they once left us stuck in Sharm for 27hours I do hope they survive, easyjet and the rest need competition.