Post by timbhx on Oct 1, 2016 9:55:56 GMT
Tour operator and airline Monarch came back from the brink late last night when they were granted a 12 day extension to their ATOL licence, which was due for renewal at midnight last night.
Monarch Landing Lanzarote w640 h480 2
The Civil Aviation Authority issued the following statement:
"The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016."
Monarch themselves were not totally candid in their own release, which failed to mention that the extension was only for 12 days. Here’s what they said:
"Monarch has successfully concluded discussions with the Civil Aviation Authority (“CAA”) to extend its ATOL licence, for which it thanks the CAA. The company has also received significant further investment from shareholders and is close to announcing the largest investment in its 48-year history."
All week, the CAA have had aircraft on standby at various airports around Europe to repatriate passengers in case Monarch were unable to continue trading, and Monarch’s Facebook and Twitter accounts have been filled with questions from concerned travellers asking for fresh information.
The company had 125 Million GBP pumped into it in a previous rescue package in 2014, and a restructure reduced their fleet from 42 to 33 aircraft and 700 jobs were cut, with remaining staff taking pay cuts of between 30 and 35%.
Currently the company has around 2,800 staff and there are 100,000 customers at destinations across Europe.
Over the next 12 days they must show they have sufficient funding in place to continue trading in order for the CAA to renew their licence.
this info was taken from another site
Monarch Landing Lanzarote w640 h480 2
The Civil Aviation Authority issued the following statement:
"The CAA has granted Monarch a 12 day extension to its existing ATOL licences. The extended licences will now expire at 23:59 on 12 October 2016."
Monarch themselves were not totally candid in their own release, which failed to mention that the extension was only for 12 days. Here’s what they said:
"Monarch has successfully concluded discussions with the Civil Aviation Authority (“CAA”) to extend its ATOL licence, for which it thanks the CAA. The company has also received significant further investment from shareholders and is close to announcing the largest investment in its 48-year history."
All week, the CAA have had aircraft on standby at various airports around Europe to repatriate passengers in case Monarch were unable to continue trading, and Monarch’s Facebook and Twitter accounts have been filled with questions from concerned travellers asking for fresh information.
The company had 125 Million GBP pumped into it in a previous rescue package in 2014, and a restructure reduced their fleet from 42 to 33 aircraft and 700 jobs were cut, with remaining staff taking pay cuts of between 30 and 35%.
Currently the company has around 2,800 staff and there are 100,000 customers at destinations across Europe.
Over the next 12 days they must show they have sufficient funding in place to continue trading in order for the CAA to renew their licence.
this info was taken from another site