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Monarch Stay Afloat with £165m Cash Injection

Monarch Airlines, the British budget airline based at Luton Airport yesterday received a lifeline after its 90% shareholder Greybull Capital pumped in £165 million to save its Air Travel Operators’ Licence (ATOL).

Under UK law, all British companies which sell air holidays and flights need ATOL, a scheme that refunds customers if a travel firm collapses.

The airline had a deadline of midnight on Wednesday to prove to the UK airline industry regulator, the Civil Aviation Authority (CAA) that it had sufficient funds to stay afloat.

The cash injection has allowed Monarch to renew its ATOL until September 2017.