In the last hour or so, Monarch Airlines has put out a statement saying that they are putting the brakes on their launch plans, as they exhaust their investment capital.
The statement reads from the carrier’s website:
“It is with immense regret that we announce today that we have been forced to put the brakes on our process to relaunch Monarch.”
“This is not a decision that we have taken lightly, however since taking over the business two weeks ago we have drawn close to exhausted the start-up funding provided to us far more rapidly than anticipated.”
“We have been seeking alternative routes, such as partial divestment of share capital, and will continue to do so, however at the current stage there is no practical option to move forward in the immediate future.”
What Happens Next for Monarch Airlines?
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At this stage, additional updates will need to be made on the status of the airline, especially if they can acquire additional funding to continue the start-up process.
It is not clear when this will take place, but the airline is actively seeking such funding to allow it to continue onwards.
Costs in starting up would include the likes of acquiring an Air Operator’s Certificate, leasing agreement for the 15-20 jets that they already said they would seek to get.
Looking ahead, all eyes are on the carrier to see whether they can get some more funding over the line, and whether they can indeed get the new Monarch in the skies by next year.
UPDATE #1 @ 1426 UK time – The carrier has since refreshed their website, which removes the statement and reverts back to the previous version. What is going on?
UPDATE #2 @ 1428 UK time – At the top of their website, they now have a yellow message that confirms that operations have “been temporarily suspended”.
UPDATE #3 @ 1536 UK time – Monarch Airlines has also suspended its social media accounts too. Things looking a lot worse than first thought?
UPDATE #4 @ 1603 UK time – The carrier has said the following to Airways Magazine:
“The relaunch has been postponed indefinitely, though we are still attempting to hold negotiations in the background. The aircraft and airport discussions are continuing though at a slower pace”.
UPDATE #5 @ 1731 UK time – Monarch’s socials are back up and they have just posted this statement in the last 10 minutes!
“We have been approached with new options to continue launching Monarch. We hope to bring more positive news to you shortly. Monarch’s Chairman is to step down and be replaced with immediate effect. We are working tirelessly and will continue to do so.”
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