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Monarch to keep flying after bailout

By Ravender Sembhy

Published 13/10/2016

Monarch has secured a £165m cash injection from its owner, Greybull Capital (Stock picture)
Monarch has secured a £165m cash injection from its owner, Greybull Capital (Stock picture)

Monarch has secured a £165m cash injection from its owner, Greybull Capital, allowing it to retain its licence to operate.

The airline had faced a midnight deadline to secure fresh funding or risk being unable to renew its Atol licence.

On Wednesday the group said that, alongside the investment - the biggest in its 48-year history - Monarch would take delivery of the first of 30 Boeing 737 MAX-8 aircraft in 2018.

Chief executive Andrew Swaffield added: "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 Civil Aviation Authority, 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."

Belfast Telegraph

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