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Monarch’s flying licence was extended as the company proved to the UK airline industry regulator it had sufficient funds to run the business. Photograph: Dave Thompson/PA 


Monarch Airlines has been granted an eleventh-hour reprieve after a £165m investment from its majority shareholder secured its future.
The company had a deadline of midnight on Wednesday to prove to the UK airline Industry regulator, the Civil Aviation Authority (CAA), that it had sufficient funds to stay afloat.
Without the cash injection from Greybull Capital, Monarch would have lost its Air Travel Organiser’s Licence (Atol), which allows it to fly package holidaymakers.
The CAA had given Monarch a 12-day extention from the original deadline of 30 September to show it had sufficient funding.
Andrew Swaffield, chief executive, said: “It is testament to the extensive effort by all parties, over the past weeks and months, that we are able to announce the largest investment in our 48-year history, as well as the renewal of our Atol licences.
“I’d like to thank the CAA, our shareholders, partners, loyal customers and the team at Monarch for helping us to achieve this successful outcome. We are now firmly focused on the future as a stronger Monarch.”
The CAA said that it had renewed Monarch’s Atol licences until the end of September 2017, following confirmation that the airline had met all the necessary requirements.
The regulator said: “Monarch’s licences permit them to sell Atol-protected holidays until 30 September 2017, after which they will be required to obtain a new licence.
“The CAA advises consumers to book Atol-protected air holidays to ensure they are protected in the event that their travel company stops trading. In these instances, Atol-protected consumers will be brought home if they are already abroad or receive a refund if yet to travel.”