Monarch Airlines failure

Added On October 10, 2017

The failure of Monarch Airlines, Britain's fifth largest carrier, has wrecked the holiday plans of thousands of tourists and left most of its staff out of work.
The decision to cease trading was taken late on Saturday night.
Andrew Swaffield, Chief Executive of Monarch Airlines, said the decision was taken as the airline was projected to lose well over 130 million U.S dollars over the next year.
Swaffield added that he was "absolutely devastated" by the failure of the company.
Around 90 percent of the staff from Monarch Airlines and Monarch Travel Group were made redundant. 
Maintenance repair wing Monarch Aircraft Engineering is not in administration and was unaffected.
The collapse of the airline was a result of higher competition and lower prices in Spain and Portugal due to security concerns in other holiday destinations.
The abrupt failure of the carrier left 110,000 passengers abroad with no flights to take them home.
Britain's Civil Aviation Authority said on Monday it operated around 60 flights to bring back nearly 12,000 customers, with a similar number of passengers due to be brought back on Tuesday.
A further 750,000 future bookings with Monarch were canceled.