Monarch mired by millions

October 4, 2017 by  
Filed under Aviation, EUROPE, News

LONDON, 4 October 2017: British short-haul carrier Monarch Airlines faced an annual loss in excess of UKP100 million (USD133 million, 113 million euros) when it went bust, chief executive Andrew Swaffield said Tuesday.

The airline declared bankruptcy on Monday after failing to secure fresh capital or sell the business, leaving British authorities racing to rescue tens of thousands of customers stranded abroad, while Monarch staff were made redundant.

“Yesterday was a heart-breaking day as 2,000 people lost their jobs and we are all absolutely devastated for the customers and for all of us,” Swaffield told BBC Radio 4. Read more