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Monarch Airlines goes bankrupt

Monarch Airlines goes bankrupt

October 02
08:50 2017

Over 100,000 passengers have been stranded abroad following the sudden collapse of Monarch Airlines. The British carrier which has gone bankrupt and has closed down with immediate effect.

The UK is rushing to help repatriate travellers. According to UK Transport Minister Chris Grayling, “This is an unprecedented response to an unprecedented situation.” he described the event as “the country’s biggest ever peacetime repatriation.

All Monarch flights to and from the UK have been cancelled, said KPMG, the accounting company appointed to manage the airline’s insolvency.

The British Civil Aviation Authority said it was “the biggest ever UK airline failure.”

The Monarch website has told customers in the UK not to go to the airport. There will be no more Monarch flights. This page will no longer be monitored.

The aviation authority estimated that around 300,000 future bookings with Monarch, which flew to destinations around Europe and the Mediterranean, have also been cancelled. It has set up a special website to help affected travellers at monarch.caa.co.uk.

Mounting cost pressures and increasingly competitive market conditions in the European short-haul market have contributed to the Monarch Group experiencing a sustained period of trading losses,” said KPMG partner Blair Nimmo.

Monarch’s tour group business has also gone bust. All future holidays booked with that group have been cancelled.

We understand that this will be a difficult and distressing time for many,” Nimmo said.

The collapse of Monarch follows a series of major problems experienced by other European airline companies.

CNN

 

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