The much talked about return of Monarch Airlines has been derailed just weeks after new directors took over Monarch Airlines Ltd.
In a statement, the new owners said that they would be unable to restart the airline and have “exhausted the start-up funding”.
Despite interviews and press releases about secure backing for the venture it seems this is no longer the case.
The statement from the board said: “It is with immense regret that we announce today that we have been forced to put the brakes on our process to relaunch Monarch. This is not a decision that we have taken lightly, however since taking over the business two weeks ago we have drawn close to exhausted the start-up funding provided to us far more rapidly than anticipated.
“We have been seeking alternative routes, such as partial divestment of share capital, and will continue to do so, however at the current stage there is no practical option to move forward in the immediate future.“