Monarch scrambles for time before flying licence deadline

Monarch Airlines is in talks with aviation authorities to gain time as it seeks to pull together a multimillion-pound cash injection before its licence to fly expires at midnight Friday. The airline may seek a temporary extension to its annual operating licence from the CAA if it can show it is close to arranging funding. Monarch and many other airlines must renew their Air Travel Organiser’s Licence (Atol) by midnight Friday. An Atol requires an operator to show it has enough money to operate for 3 months and provides compensation to customers when travel companies go bust. The carrier has been in talks with the CAA after doubts emerged about its financial strength. The speculation appears to have started when aircraft enthusiasts suggested planes were being lined up by the CAA to replace Monarch flights. <br/>