Monarch in trouble again...

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sillygoose
sillygoose Posts: 4,794 Forumite
edited 3 October 2017 at 11:47AM in Overseas holidays & travel planning
Official MoneySavingExpert.com Insert 2 October 2017:

Hi everyone

Please see our Monarch Airlines collapse - latest info and your rights guide and our Visa, Mastercard & Amex Chargeback and Section 75 refunds guides.

Back to sillygoose's original post...

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http://www.dailymail.co.uk/news/article-4935154/Is-Monarch-brink-again.html

https://www.thetimes.co.uk/article/monarch-airline-may-be-close-to-collapse-6csjng90z

I used to enjoy flying Monarch, not least for the short check-in queues at some airports..

But have not touched them since a couple of years ago they decided to withdraw a route after taking bookings on it, leaving me in the lurch with booked accommodation but scratching around for flights after the good deals on others had already been sold. They were then reluctant to refund suggesting I should re-book flights with them to somewhere I didn't want to go to instead! How to lose a customer forever: Lesson #1
European for 3 weeks in August, the rest of the year only British and proud.
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  • ibizafan_2
    ibizafan_2 Posts: 920 Forumite
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    Sorry to hear that. We've just returned from a trip to Venice with Monarch from Birmingham, and had a really nice experience. Ditto two years ago to Rome. Decent prices as well, so hope they get over their difficulties.
  • bagand96
    bagand96 Posts: 6,102 Forumite
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    I think this is a case of the press putting 2 + 2 and coming up with 5. Probably a combination of some “leaked” information from someone, plus a healthy dose of reading industry forums and hey presto some column inches are filled (and let’s be honest the two newspapers linked are hardly known for their quality fact reporting).

    Monarch is owned by a venture capitalist firm, and the nature of venture capitalists is that they will always look to see if there’s a profitable exit. It’s true that Monarch’s owners have been negoatiating with other airlines as to the possibility of a sale of all or part of the business. This has been reported in industry press for a couple of weeks. But nothing has been announced, and for the moment it’s business as usual.

    Not sure how the gutter press have morphed this into a story about them being on the brink. And COBRA being involved?! I’m not worried and I have bookings with them for next year.
  • richardw
    richardw Posts: 19,458 Forumite
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    If the alleged offers are good, Greybull will just sell.

    Eventually, we will probably see easywizzJet.
    Posts are not advice and must not be relied upon.
  • sillygoose
    sillygoose Posts: 4,794 Forumite
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    The Times is dubious? hmm

    The Guardian has more restrained view, in other words repeats the company line as it doesn't have any other sources, but its clear it will need baling out by its investor to keep its licence and afloat.

    There is mention of 40 million expected profit. That is nothing for an airline.

    The Independents travel advice is continue to book as it may be a bargain! but be prepared to get your money back and try to book elsewhere if the worst happens.

    For some who can be that flexible a good deal could be available, I can't afford that risk.
    European for 3 weeks in August, the rest of the year only British and proud.
  • EssexExile
    EssexExile Posts: 6,138 Forumite
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    sillygoose wrote: »
    The Times is dubious? hmm
    Have you read The Times lately? It's one of the better ones but that isn't saying much these days. I subscribe but I take everything it says with a large dose of salt.
    Tall, dark & handsome. Well two out of three ain't bad.
  • frankie
    frankie Posts: 845 Forumite
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    Monarch's giving out standard replies on their facebook page that flights are continuing as normal. I'm due to fly out of Gatwick on Monday, I guess what will be will be!!
  • bagand96
    bagand96 Posts: 6,102 Forumite
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    edited 30 September 2017 at 5:21PM
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    sillygoose wrote:
    The Guardian has more restrained view, in other words repeats the company line as it doesn't have any other sources, but its clear it will need baling out by its investor to keep its licence and afloat

    A nice story from the Guardian, and quite well reported. You're only overlooking the minor detail that the story is a year old.

    And I think that's the crux of this. Monarch's venture capitalist owners have been negotiating with potential investors at options to sell off all or part of the business. As venture capitalists do. It's unfortunate timing that it's 12 months after last year's ATOL debacle. It seems people, and obviously the "sources" for the press are putting 2 and 2 together that its ATOL renewal time again and the airline is struggling for survival.

    I'm not even sure the press actually understand what an ATOL bond is, they're reporting as if the airline's AOC is on the line. Monarch only need an ATOL bond for the passengers that are booked as part of a package holiday, not flight only.

    I was at the gym this afternoon, and Sky News were scrolling "BREAKING NEWS: The future of Monarch Airlines is in doubt as the aviation regulator decides whether to grant a temporary licence extension". This was on screen for an hour and a half. At no point was the story elaborated on, at no point were any details, let alone facts reported. I do wonder who these "sources" are....

    .
  • bagand96
    bagand96 Posts: 6,102 Forumite
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    And the facts have arrived:

    BBC: Monarch Package Holidays Protection extended for 24 hours

    The current issue around ATOL only applies to Monarch Holidays (the package holiday arm), which is apparently round 5-10% of the seats Monarch sell.

    And from the CAA: ATOL Renewal Update. CAA statement, 1300 companies are due to renew ATOLs this weekend. They won't comment on individual ATOL holders, other than they've stated Monarch are protected until Sunday (which they've probably only stated because of today's media circus).
  • leylandsunaddict
    leylandsunaddict Posts: 1,923 Forumite
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    <<The Independents travel advice is continue to book as it may be a bargain! but be prepared to get your money back and try to book elsewhere if the worst happens.>>

    Only half decent advice if they're referring to a Monarch package holiday, of which they sell very few compared to the overall number of pax they carry.
  • Gloomendoom
    Gloomendoom Posts: 16,550 Forumite
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    Can't so perusing online newspapers. The Daily Mail's latched on to the Monarch story and excelled itself with a particularly poor piece of reporting even by their subterranean standards.
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