UK airline Monarch has settled worries over its immediate future by agreeing a £165m investment from Greybull Capital.
The
fresh financing has allowed the airline to renew its membership of the
Air Travel Organisers' Licensing (Atol)
scheme - the scheme that refunds
customers if a travel firm collapses.
It also means the airline can invest in new aircraft.
Greybull Capital is Monarch's majority shareholder and is also known for its investment in Scunthorpe's steelworks.
It bought a majority stake in Monarch in 2014, with an investment of £125m.
"It
is testament to the extensive effort by all parties, over the past
weeks and months, that we are able to announce the largest investment in
our 48-year history, as well as the renewal of our Atol licences," said
Andrew Swaffield, chief executive of the Monarch Group.
In
October 2014, Monarch announced an order for 30 of the latest Boeing 737
jets, with an option to buy 15 more. It expects to take delivery of the
first of those in 2018.
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