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Monarch extends flying licence to continue package holidays

(c) Sky News 2016

The Civil Aviation Authority has extended Monarch Airlines' ATOL licence for 12 days, amid "negative speculation" over the future of the airline.

The budget airline has until 12 October to satisfy the CAA that it has the finances to secure a renewal of its ATOL licence.

In a statement, Monarch said it has received "significant" investment from its shareholders and is "close to announcing the largest investment in its 48-year history".

Monarch chief executive Andrew Swaffield said: "I am delighted that we have been able to come to an agreement with the CAA on the extension of Monarch's ATOL licence and am excited about the additional capital coming into the group which will help us fund our future growth.

"I am immensely proud of the professionalism of the Monarch team."

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