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Monarch collapse: Rescue effort to cost around £60m

Oct 03, 2017, 6:16 AM EDT
(Source: https://commons.wikimedia.org)
(Source: https://commons.wikimedia.org)

The collapse of Monarch Airlines, a 50-year-old British company, has forced the U.K. to carry out the biggest repatriation exercise in peacetime as about 110,000 passengers stranded overseas await homecoming.

According to the U.K. airline regulator, the rescue effort is likely to cost around £60m, writes the BBC. The company’s decision to cease trading after a woeful year has left 1,858 staff without a job.

Blair Nimmo, a partner at Monarch's administrator KPMG, attributed the airline’s collapse to increasingly competitive market, mounting cost pressures, high operating costs and a slump in the pound, notes Sky News.

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