Monarch is still in the air
The Civil Aviation Authority has agreed to extend Monarch’s ATOL for 12 days after it received
‘significant’ investment from its shareholders.
A statement released on Friday said the airline was also ‘close to announcing the largest investment in its 48-year history’.
Reports have emerged over the weekend that this will be an order of 45 new Boeing aircraft.
Speculation about Monarch’s future began last week amid reports that aircraft from the US were being put on standby to repatriate passengers.
Monarch used Twitter to deny it was in financial difficulties and then posted a statement saying its flights were operating as normal and it would announce ‘significant investment in the coming days’.
On Friday, Monarch chief executive Andrew Swaffield said he was ‘excited about the additional capital’ and ‘delighted’ to agree the deal with the CAA.
"Monarch has successfully concluded discussions with the Civil Aviation Authority (CAA) to extend its ATOL licence, for which it thanks the CAA," said the airline’s statement.
"Monarch continues to fly and looks forward to welcoming customers on board."
Swaffied added: "I am delighted that we have been able to come to an agreement with the CAA on the extension of Monarch’s ATOL licence and am excited about the additional capital coming into the group which will help us fund our future growth.
"I am immensely proud of the professionalism of the Monarch team."
Graham McKenzie
Graham has demonstrable history of working in the leisure, travel & tourism industry. 20 years leading one of the worlds leading online B2B travel publishers TravelMole , non-executive director of UK's leading Travel Brand agency designate.com. Strong professional with a BSc (Econ) focussed on Economics from London School of Economics and Political Science.
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