Bankruptcy of Britain’s Monarch Airlines strands thousands abroad
Monarch Airlines collapsed into bankruptcy early Monday, ceasing its flights and forcing the govt to step in and bring home more than 100,000 passengers stranded abroad. Britain’s aviation regulator called the collapse of Monarch the “biggest ever U.K. airline failure.” The airline is one of many that have struggled to grapple with Europe’s highly competitive airline market. For Monarch, “mounting cost pressures and increasingly competitive market conditions in the European short-haul market” led to “a sustained period of trading losses,” Blair Nimmo, a partner at KPMG, which is acting as administrator for company, said. Monarch’s problems have been building for some time. Terrorist attacks in Egypt and Tunisia and unrest in Turkey dented demand for tourism to those destinations, weighing on the carrier’s results. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-10-03/unaligned/bankruptcy-of-britain2019s-monarch-airlines-strands-thousands-abroad
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Bankruptcy of Britain’s Monarch Airlines strands thousands abroad
Monarch Airlines collapsed into bankruptcy early Monday, ceasing its flights and forcing the govt to step in and bring home more than 100,000 passengers stranded abroad. Britain’s aviation regulator called the collapse of Monarch the “biggest ever U.K. airline failure.” The airline is one of many that have struggled to grapple with Europe’s highly competitive airline market. For Monarch, “mounting cost pressures and increasingly competitive market conditions in the European short-haul market” led to “a sustained period of trading losses,” Blair Nimmo, a partner at KPMG, which is acting as administrator for company, said. Monarch’s problems have been building for some time. Terrorist attacks in Egypt and Tunisia and unrest in Turkey dented demand for tourism to those destinations, weighing on the carrier’s results. <br/>
