Monarch Airlines [MONA.UL] collapsed on Monday, the biggest ever failure of a British airline, stranding tens of thousands of travellers overseas and prompting the country’s biggest-ever peacetime repatriation effort. Monarch cancelled about 300,000 future bookings and apologised to customers and staff as it became the UK’s largest carrier to go into administration. “I am truly sorry that it has ended like this.”Transport secretary Chris Grayling said the company fell victim to a price war over flights to the Mediterranean and told customers not to come to airports. Hungarian low-cost carrier Wizz Air (WIZZ.L) meanwhile said it was offering to fly stranded Monarch passengers home from Tel Aviv for 119 pounds ($159) each. Monarch said its companies that entered into administration include Monarch Airlines, Monarch Holidays Ltd, First Aviation Ltd, Avro Ltd and Somewhere2stay Ltd.Monarch had previously said it was talking to potential partners after a report that parts of its short-haul network would be sold.

Source: Egypt Independent October 02, 2017 07:07 UTC