A few days later, on Monday this week, Monarch was no more: almost 2,000 staff would be laid off and the travel plans of 860,000 passengers would be disrupted. Monarch’s previous dalliances with collapse had woken the CAA up to the need for contingency plans, honed over the last three years. A new company, Shelfco, was set up, to hive off the prospective long-haul Monarch and its costly Boeing orders. The summer season, when airline coffers should bulge, had seen slim pickings, but Monarch still had money in the bank. While the public demanded action to compensate Ryanair passengers, the CAA was sitting on an even bigger powder keg.

Source: The Guardian October 07, 2017 06:00 UTC