Monarch Airlines Collapse Leaves 110,000 Travelers Stuck Overseas
Monarch, one of Britain’s largest airlines, collapsed on Monday, leaving about 110,000 travelers stranded overseas amid the cancellation of flights scheduled in the coming weeks.
CNN Money reports that some 300,000 future bookings have also been scrapped, while the U.K.’s Civil Aviation Authority scrambles to facilitate what it has called “the biggest ever U.K. airline failure.”
“This is an unprecedented response to an unprecedented situation,” British Transport Minister Chris Grayling said, according to CNN Money.
The website monarch.caa.co.uk has been set up to assist affected travelers, while more than 30 planes have been chartered to help them return.
The accounting firm KPMG, tasked with managing the airline’s bankruptcy, reportedly said the company has been struggling against increasing financial pressures.
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“Mounting cost pressures and increasingly competitive market conditions in the European short-haul market have contributed to the Monarch Group experiencing a sustained period of trading losses,” said Blair Nimmo of KPMG, according to CNN.
European airlines across the board have been struggling to stay afloat. AirBerlin also filed for bankruptcy in August, and Italy put Alitalia on the market in May. Ireland’s RyanAir (RYAOF) has had to cancel thousands of flights due to a shortage of pilots, CNN Money reports.