Whats going on with Monarch ?

Whats going on with Monarch ?

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Discussion

surveyor

17,891 posts

186 months

Sunday 9th October 2016
quotequote all
IanH755 said:
Boeing "bails out" Monarch - https://uk.news.yahoo.com/boeing-bails-monarch-165... - yet the article is suggesting thats it's just Monarch buying new planes?
I saw that and also though it made no sense. I suspect that as part of the Boeing deal they may have agreed to buy back some of the existing fleet on a sale and leaseback.....

IforB

9,840 posts

231 months

Sunday 9th October 2016
quotequote all
surveyor said:
I saw that and also though it made no sense. I suspect that as part of the Boeing deal they may have agreed to buy back some of the existing fleet on a sale and leaseback.....
Boeing wouldn't be buying any of the current Airbus fleet. Various reasons for that that I won't go into as they could be commercially sensitive.

As for what is really going on with this deal, the simple answer is that none of us know. If it is Boeing or someone else, then anyone outside of a very small number of people doesn't know.

All the rest of us know is that the clock is still ticking and we just have to trust it'll get sorted out. There seems to be confidence that it will, which is heartening, but until the fat lady sings, I and a lot of others are nervous.

5150

691 posts

257 months

Monday 10th October 2016
quotequote all
IforB said:
surveyor said:
I saw that and also though it made no sense. I suspect that as part of the Boeing deal they may have agreed to buy back some of the existing fleet on a sale and leaseback.....
Boeing wouldn't be buying any of the current Airbus fleet. Various reasons for that that I won't go into as they could be commercially sensitive.

As for what is really going on with this deal, the simple answer is that none of us know. If it is Boeing or someone else, then anyone outside of a very small number of people doesn't know.

All the rest of us know is that the clock is still ticking and we just have to trust it'll get sorted out. There seems to be confidence that it will, which is heartening, but until the fat lady sings, I and a lot of others are nervous.
Fingers crossed for you and your colleagues, Ifor.....

surveyor

17,891 posts

186 months

Monday 10th October 2016
quotequote all
5150 said:
IforB said:
surveyor said:
I saw that and also though it made no sense. I suspect that as part of the Boeing deal they may have agreed to buy back some of the existing fleet on a sale and leaseback.....
Boeing wouldn't be buying any of the current Airbus fleet. Various reasons for that that I won't go into as they could be commercially sensitive.

As for what is really going on with this deal, the simple answer is that none of us know. If it is Boeing or someone else, then anyone outside of a very small number of people doesn't know.

All the rest of us know is that the clock is still ticking and we just have to trust it'll get sorted out. There seems to be confidence that it will, which is heartening, but until the fat lady sings, I and a lot of others are nervous.
Fingers crossed for you and your colleagues, Ifor.....
+1

Amateurish

7,772 posts

224 months

Monday 10th October 2016
quotequote all
Agreed, I really hope it works out for Monarch

eybic

9,212 posts

176 months

Monday 10th October 2016
quotequote all
What's the latest then? Has ATOL protection been granted going forward? I've already booked for next year.

IforB

9,840 posts

231 months

Monday 10th October 2016
quotequote all
eybic said:
What's the latest then? Has ATOL protection been granted going forward? I've already booked for next year.
If you have already booked and have an ATOL certificate, then you are covered no matter what happens. I'm confident that you won't need it though.

Dr Doofenshmirtz

15,311 posts

202 months

Tuesday 11th October 2016
quotequote all
eybic said:
What's the latest then? Has ATOL protection been granted going forward? I've already booked for next year.
I'm interested to know as well? Anyone...

IforB

9,840 posts

231 months

Wednesday 12th October 2016
quotequote all
All sorted. The ATOL licence was renewed last night and a £165M investment package was announced at the same time. So that's hopefully this little drama put to bed.

5150

691 posts

257 months

Wednesday 12th October 2016
quotequote all
IforB said:
All sorted. The ATOL licence was renewed last night and a £165M investment package was announced at the same time. So that's hopefully this little drama put to bed.
Great news! Aaaaand relax.....

eybic

9,212 posts

176 months

Wednesday 12th October 2016
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Phew thumbup

Boatbuoy

1,943 posts

164 months

Wednesday 12th October 2016
quotequote all
Monarch statement taken from their Facebook page:

OFFICIAL STATEMENT: Monarch, a leading UK independent airline group, today announces the biggest investment in its 48 year history, a £165 million investment from its majority shareholder, Greybull Capital.

As a result of this investment Monarch has successfully renewed its ATOL licences from the CAA for the next 12 months and funded future growth plans.

In October 2014, Monarch announced an order for 30 Boeing 737 MAX-8 aircraft, with options for a further 15 planes. The first of these aircraft is due to be delivered in 2018.

The arrival of these state-of-the-art, fuel efficient aircraft in less than two years’ will enable Monarch to continue to provide passengers with a best in class inflight experience and allow the company to enjoy significant operational cost savings.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented: “It is testament to the extensive effort by all parties, over the past weeks and months, that we are able to announce the largest investment in our 48-year history, as well as the renewal of our ATOL licences.

“I’d like to thank the CAA, our shareholders, partners, loyal customers and the team at Monarch for helping us to achieve this successful outcome. We are now firmly focused on the future as a stronger Monarch.”

Seabury Group LLC and Seabury Securities (UK) Ltd. served as financial advisor with respect to the recapitalisation.

griffdude

1,826 posts

250 months

Wednesday 12th October 2016
quotequote all
Boatbuoy said:
Monarch statement taken from their Facebook page:

OFFICIAL STATEMENT: Monarch, a leading UK independent airline group, today announces the biggest investment in its 48 year history, a £165 million investment from its majority shareholder, Greybull Capital.

As a result of this investment Monarch has successfully renewed its ATOL licences from the CAA for the next 12 months and funded future growth plans.

In October 2014, Monarch announced an order for 30 Boeing 737 MAX-8 aircraft, with options for a further 15 planes. The first of these aircraft is due to be delivered in 2018.

The arrival of these state-of-the-art, fuel efficient aircraft in less than two years’ will enable Monarch to continue to provide passengers with a best in class inflight experience and allow the company to enjoy significant operational cost savings.

Andrew Swaffield, Chief Executive Officer of The Monarch Group, commented: “It is testament to the extensive effort by all parties, over the past weeks and months, that we are able to announce the largest investment in our 48-year history, as well as the renewal of our ATOL licences.

“I’d like to thank the CAA, our shareholders, partners, loyal customers and the team at Monarch for helping us to achieve this successful outcome. We are now firmly focused on the future as a stronger Monarch.”

Seabury Group LLC and Seabury Securities (UK) Ltd. served as financial advisor with respect to the recapitalisation.
Good news. Looks like Jet2 jumped the gun a bit launching new bases at BHX & STN.

surveyor

17,891 posts

186 months

Wednesday 12th October 2016
quotequote all
IforB said:
All sorted. The ATOL licence was renewed last night and a £165M investment package was announced at the same time. So that's hopefully this little drama put to bed.
Pleased to hear this.

TedMaul

2,092 posts

215 months

Saturday 15th October 2016
quotequote all
I'm delighted to hear this. My two kids and I had our first trip abroad (Lanzarote) post divorce last February and we flew monarch as part of a James Villas package. Although the flights left 30 mins late both directions, the planes were fine and comfortable (though I guess a 5'7" bloke between a 9 & 11 yo is different to three six footers. Staff were polite and friendly and baggage arrived in one piece. I'm sure my daughters carry on was over sized too but evidently full of her favourite cuddly toys and the check in staff just smiled and let her be....

As per other comments, I wouldn't expect much else for a budget airline, but have flown Jet2 before who were dreadful (open check in gates very last minute so major rush through security etc and planes old and tired)

I'll be honest, I'm still a bit edgy as I'm going to book next Februarys trip early next week, but the Thompson flights are £300 dearer, times are less good for the kids and last time I flew with them, they were no better than any other carrier.

Consensus is that Monarch totally in the clear yes? I do hope so, for my own selfish purposes but like I say, it was a landmark trip for us and will remember it for a long time and would be sad to see them crash and burn

IforB

9,840 posts

231 months

Sunday 16th October 2016
quotequote all
TedMaul said:
I'm delighted to hear this. My two kids and I had our first trip abroad (Lanzarote) post divorce last February and we flew monarch as part of a James Villas package. Although the flights left 30 mins late both directions, the planes were fine and comfortable (though I guess a 5'7" bloke between a 9 & 11 yo is different to three six footers. Staff were polite and friendly and baggage arrived in one piece. I'm sure my daughters carry on was over sized too but evidently full of her favourite cuddly toys and the check in staff just smiled and let her be....

As per other comments, I wouldn't expect much else for a budget airline, but have flown Jet2 before who were dreadful (open check in gates very last minute so major rush through security etc and planes old and tired)

I'll be honest, I'm still a bit edgy as I'm going to book next Februarys trip early next week, but the Thompson flights are £300 dearer, times are less good for the kids and last time I flew with them, they were no better than any other carrier.

Consensus is that Monarch totally in the clear yes? I do hope so, for my own selfish purposes but like I say, it was a landmark trip for us and will remember it for a long time and would be sad to see them crash and burn
Monarch is fine. There has been a big cash injection, so don't worry.

wjwren

4,484 posts

137 months

Sunday 1st October 2017
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Any news on this

Robertj21a

16,496 posts

107 months

Sunday 1st October 2017
quotequote all
wjwren said:
Any news on this
There's another thread on the subject - 'Monarch Airlines on the way out'

IforB

9,840 posts

231 months

Sunday 1st October 2017
quotequote all
It's the annual renewal for Monarch Holidays. Or at least I hope so, as the airline should have been pulled out of the ATOL scheme by now (I left a year ago and that was high on hhe list of things to do at the time.)

If it is just the Monarch holidays renewal, then it shouldn't have any effect on the airline, but it sounds as if Holidays (what used to be own as Cosmos) is in trouble.

jonnyb

2,590 posts

254 months

Sunday 1st October 2017
quotequote all
I think the problem may be supplying refunds to the holidays division customers. If there’s no cash, and there isn’t, then that could bring the airline down too.

There is huge over capacity in the European airline market at the moment, and Monarch find them selves between a rock and a hard place with the rise of Norwegian and Jet2, and the established carriers of Easy and Ryan Air.

Fingers crossed for them.