UK leisure carrier Monarch Airlines’ main shareholder, Greybull Capital, is injecting another £165 million into the operator.
The investment, disclosed by the airline, enables it to renew its Air Travel Operators’ Licence from the UK Civil Aviation Authority for a year.
Monarch had been given a 12-day extension by the CAA after its ATOL licence was set to expire at the end of September, as it negotiated additional funding.
The airline had not detailed the source of the funding.
But in an update on 12 October – the date on which the ATOL extension was due to run out – Monarch has stated that the £165 million will come from Greybull.
Monarch Group chief Andrew Swaffield says that the company is “firmly focused on the future” as a “stronger” airline.
It is preparing to undergo a fleet modernisation from 2018 following its order for up to 45 Boeing 737 Max 8s two years ago.
Source: Cirium Dashboard