Monarch Airlines’ parent, the Monarch Group, has announced it has secured a GB£165 million (US$204 million) investment from its majority shareholder, Greybull Capital.
In a statement issued on October 12, the carrier said the investment has allowed it to renew its Air Travel Organizer’s License (ATOL) for 12 more months.
It is recalled the United Kingdom’s Civil Aviation Authority (CAA) had given Monarch Group until October 12 to resolve its financial issues or risk losing its ATOL status.
“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,” Andrew Swaffield, Chief Executive Officer of The Monarch Group, said. “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.”
Seabury Group LLC and Seabury Securities (UK) Ltd. served as financial advisor with respect to the recapitalisation.