Monarch Airlines collapses

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Monarch Airlines collapses

Postby Greg on Mon Oct 02, 2017 7:31 am

Monarch Airlines, a struggling British low-cost carrier and tour operator, collapsed into bankruptcy early Monday, ceasing its flights and forcing the government to step in and bring home more than 100,000 passengers stranded abroad.

Britain’s aviation regulator called the collapse of Monarch the “biggest ever U.K. airline failure.” The airline is one of many that have struggled to grapple with Europe’s highly competitive airline market.

For Monarch, “mounting cost pressures and increasingly competitive market conditions in the European short-haul market” led to “a sustained period of trading losses,” Blair Nimmo, a partner at the accounting firm KPMG, which is acting as administrator for company, said in a news release.

Monarch’s abrupt collapse has forced the Civil Aviation Authority to charter aircraft to help about 110,000 travelers stranded abroad return to Britain. A spokesman said that the regulator expected to coordinate about 700 flights over the next two weeks. The first flights arrived early Monday.

New York Times
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