THE END OF BRITAIN’S
UK to charter 30 aircraft to bring back 110,000 customers stranded overseas
LONDON to the Monarch Group experiencing a sustained period of trading losses,” said Blair Nimmo, a partner at KPMG and a joint administrator of Monarch Airlines Ltd and Monarch Travel Group Ltd.
The collapse will be a headache for some of the world’s largest leasing companies, which financed its current fleet of 36 mainly Airbus jets, and for Boeing Co, which has sold the airline 32 of its 737 MAX aircraft. None of the planes has yet been delivered.
Although relatively small compared to Europe’s leading scheduled carriers, Monarch had been a regular hotspot in the global battle for market share between planemakers as it shifted its loyalties between Airbus and Boeing. Boeing secured Monarch’s agreement to revert back to its jets in 2014 following a fierce contest against Airbus and Bombardier.
“We are working with the joint administrators and the CAA to do everything we possibly can to help minimise disruption where we can, but are under no illusion as to the problems this will cause,” Monarch chief executive Andrew Swaffield told employees in a message.
“And many suppliers will suffer hugely as a result of our insolvency — for which I am equally sorry.”
Monarch said its companies that entered into administration include Monarch Airlines, Monarch Holidays Ltd, First Aviation Ltd, Avro Ltd and Somewhere2stay Ltd.
Meanwhile, transport minister Chris Grayling said he had spoken to other airlines about hiring Monarch employees.
“This is also a really difficult day for all those people (customers). We are doing our best to make sure that those people who are stranded and can’t get back otherwise will be able to do so.” Reuters