Boeing to help Monarch Airlines
Last year, Monarch Airlines received a cash injection from an unknown investor. Now it is clear; Boeing helped decisively to save its new customer.
Around 100 million pounds had been transferred from Boeing to the to the Monarch Airlines between October 2016 and March 2017
In Seattle, the champagne corks were popping up in the summer of 2014. Boeing had lent Monarch Airlines, a long-term customer of the archrival Airbus. The British carrier ordered 30 Boeing 737 Max worth 3 billion dollars.
But two years later it was already apparent that Monarch had financial problems. In the fall of 2016, the British airline had to be saved with 165 million pounds.
So far, it was believed that the owner Greybull Capital had provided the money. But on October 8, It was confirmed that Boeing had thrown a rescue ring to the British airline operator. Around 100 million pounds had been transferred from Boeing to the to the Monarch Airlines between October 2016 and March 2017, as the newspaper Financial Times writes.
It apparently did not help. On October 2, Monarch Airlines stopped its all flights. The company reported insolvency.