Monarch Airlines has cancelled all future flights - grounding hundreds of thousands of travelers and stranding many overseas.
According to the BBC, approximately 860,000 customers have been affected by the shutdown, including over 100,000 UK residents stuck abroad. The Civil Aviation Authority plans to send more than 30 planes to bring them home.
The collapse comes after the company was unable to renew its Air Travel Operator’s License (ATOL). Middle Eastern terror attacks, increased competition, and the weak pound are also being blamed.
Just last week, Reuters published an article stating that Sky News reported that eastJet and Wizz Air had put in bids for parts of Monarch’s network. At the time, however, the airline had only said that it was reviewing its business.
Even as far back as last year, the company was notably struggling as it had to obtain a £165 million ($221.5 million) lifeline from its majority shareholder Greybull Capital to renew its ATOL. The airline also reported a £291 million ($386.5 million) loss last year.
Monarch’s website has been taken over by the Civil Aviation Authority since it has officially entered administration. Along with Monarch Airlines, Monarch Holidays, First Aviation, Avro, and Somewhere2stay have also entered administration.
Customers abroad and set to return to the UK on or before October 15 will be put on another flight at no extra charge, according to the latest statement on the website. Details of the new flight will be published a minimum of 48 hours in advance of the original departure time. New flight confirmations will be sent to customers via text or email and can also be seen online.
Some customers will not be flown into their origin airports, but transportation will be provided at no extra charge.
Travelers who are abroad should visit the official website for more information.