IAG "circling Monarch assets"

Old Oct 2, 2017, 1:59 am
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Friend of mine at PwC said he was brought into the directors office on Friday about the situation. He said trading could have ceased Friday but apparently it made sense to wait until this morning since there would be less people overseas. It seems KPMG got the administrators job, although PwC are advising the CAA.
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Old Oct 2, 2017, 2:00 am
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I assume BA could make use of slots at BHX and LGW, using Monarch airframes and crews. I'm sure they have an outline plan for the eventuality.
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Old Oct 2, 2017, 2:03 am
  #78  
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Originally Posted by simons1
I doubt it.

110,000 travellers abroad x 127 is 14m not 140m.
No idea where the 127 comes from.

I didn't say the cost of the air lift was 140 million.


The 140 million is the total in the trust fund.

I got the figure from Travel Weekly
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Old Oct 2, 2017, 2:20 am
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Originally Posted by Boddingtons
Friend of mine at PwC said he was brought into the directors office on Friday about the situation. He said trading could have ceased Friday but apparently it made sense to wait until this morning since there would be less people overseas. It seems KPMG got the administrators job, although PwC are advising the CAA.
Slight digression, but I find it somewhat odious that the CAA needs advisory from PWC from both a costs and expertise perspective. Id have thought the last letter of their accronym was the give away...guh Monday!
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Old Oct 2, 2017, 2:43 am
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Old Oct 2, 2017, 3:05 am
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Originally Posted by mr_cte
Slight digression, but I find it somewhat odious that the CAA needs advisory from PWC from both a costs and expertise perspective. Id have thought the last letter of their accronym was the give away...guh Monday!
PwC may be providing accounting support to process passenger claims/logistics etc - I doubt that CAA has the manpower to undertake this without support from a third party.
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Old Oct 2, 2017, 3:33 am
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Originally Posted by UKtravelbear
No idea where the 127 comes from.

I didn't say the cost of the air lift was 140 million.


The 140 million is the total in the trust fund.

I got the figure from Travel Weekly

?? I wasn't quoting you.

Please refer to post 73 from Modo which I was quoting and which mentions 127.

http://www.flyertalk.com/forum/28883048-post73.html
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Old Oct 2, 2017, 4:48 am
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Originally Posted by UKtravelbear
There is currently 140 MILLION in the ATOL trust fund administered by the CAA desogned for this very type of incident.

The trust is funded by a 2.50 per person levy on each holiday booking.

It is kept separate from the normal CAA budget.

What it does not cover (and nor does the tax payer) are those on flight only bookings - they will have to rely in their travel insurance / credit card protection.
Just to clarify that ATOL holders who have clients overseas will be contributing to the cost - direct quote below:

the Government will be asking you to contribute to the cost of the replacement flights for your customers and further information on this will be provided by the Government in due course.
A great many Tour Ops & Travel Agents have clients overseas on Monarch flights, and packaged using their own, or Tour Op ATOLs.
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Old Oct 2, 2017, 4:59 am
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Sorry about my anti BA comments up thread, I had really no idea that Monarch was heading for imminent collapse this morning. In this case it makes sense for IAG to be "circling Monarch assets", obviously.

Just in case it hasn't yet been posted (might have been in the Other European Airlines forum, haven't got there yet), here is the BBC article:

http://www.bbc.com/news/business-41464934
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Old Oct 2, 2017, 5:32 am
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Originally Posted by Joshm300
I flew back from Naples with Monarch earlier in the summer (due to the unjustifiable pricing from BA) and the crew were professional and more friendly than some recent ba experiences, so I'm sure some them could be a good addition to IAG.

The airframes are quite old, but probably relatively few cycles for their age so I guess they could be attractive too.

Having lived in Birmingham I think it would be great to see BA take some of these slots, but I suspect the Gatwick ones are the main appeal!
My bolding. Would one justification be not going broke.
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Old Oct 2, 2017, 6:29 am
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Originally Posted by dougzz
My bolding. Would one justification be not going broke.
I suspect Joshm300 meant he couldn't justify spending on BA when Monarch was . am sure it's perfectly possible for BA to justify charging whatever it wants!

easyJet also providing recovery flights for Monarch customers.
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Old Oct 2, 2017, 6:40 am
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Originally Posted by albpenny
I suspect Joshm300 meant he couldn't justify spending on BA when Monarch was . am sure it's perfectly possible for BA to justify charging whatever it wants!

easyJet also providing recovery flights for Monarch customers.
I suspect that the flights are being provided by the government (or more accurately CAA using the ATOL funds) and operated by EasyJet (under contract) rather than EasyJet paying the cost of the rescue flights.
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Old Oct 2, 2017, 6:47 am
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Originally Posted by dougzz
My bolding. Would one justification be not going broke.
Fair comment...with hindsight offering 35 one way flights from from Southern Italy to London was clearly not a sustainable way of doing business! I seem to remember BA wanting about 170 per person for the return aspect so it was a no brainier at the time with Luton and gatwick being equally inconvenient for me!
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Old Oct 2, 2017, 6:56 am
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Originally Posted by Hodders
Given a significant amount of Monarch's assets are currently in the air, I have visions of BA a/c barrel rolling around them...who knows where the G&Ts will end up!
Surely they are all very much on the ground today?
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Old Oct 2, 2017, 7:01 am
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I'm no fan, but I refer you to comments from Mr O'Leary on 1 Sept...

Both Monarch and Norwegian are in trouble. Its an open secret among airlines that Monarch and Norwegian may not survive through the winter. They are burning cash.

Caveat Emptor
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