Monarch Airlines parent company Monarch Group, has confirmed it is undergoing a strategic review of all aspects of its business.
The reforms are being overseen by newly appointed chairman Roy McNulty, and CEO Andrew Swaffield, and are expected to result in significant changes in the Group's shareholding.
In a statement, the airline said: "The review covers all areas of the business from operations to ownership and financing, with the objective of determining the optimum structure to realise the significant opportunity to build on the respected Monarch brand and distinctive offer to its customers in the budget airline market.”
Sources within Monarch have indicated that various distressed and private equity investors, including Better Capital, HIG Europe, Towerbrook and Indigo and Wizz Air, are considering injecting cash into the company, which is owned by billionaire Swiss businessman, Sergio Mantegazza.
Monarch requires a £60million ($102.2million) capital injection fund the airline’s fleet renewal plan which currently involves an order for 30 new B737 MAX 8s.
Monarch confirms strategic review and restructuring plans
