Published on Friday, September 30, 2016

Deadline looms for Monarch

Monarch has until midnight tonight to renew its Air Travel Organisers' Licence.

Although nothing has been confirmed, controlling shareholder Greybull is believed to be finalising details of a cash injection and a possible takeover and reports last night said talks between the airline and the Civil Aviation Authority were ongoing.

Monarch has not made any official comment on progress today.

A spokesperson for Monarch said an update will be provided 'as soon as the airline is in a position to give one', according to the Manchester Evening News last night.

The Guardian reported last night that Monarch was attempting to gain a temporary licence by proving to the CAA that it is close to getting a funding deal.

It is understood that Chinese firm HNA Group, the firm behind Hainan Airlines, is among interested parties.

Speculation about the future of Monarch started at the weekend amid reports aircraft from the US were being put on standby to repatriate passengers.

Monarch used Twitter to deny it was in financial difficulties, saying: "We don't know where these rumours have come from."

Later the company posted a statement saying its flights were operating as normal and it would announce 'significant investment in the coming days'.

Monarch is among half of all ATOL licencees that must renew by tonight's deadline.

The CAA has not commented on Monarch's individual case but said it has 'contingency plans' for 'whenever it is necessary'.

When asked this morning for an update, the CAA told TravelMole: "Nothing to report yet."

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