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00:00:01
>> The British airline Monarch is terminal, it's planes grounded, check-in empty, the carrier is now in administration. On Monday a list of cancelled flights greeting passengers. This the biggest ever failure of a UK airline. With tens of thousands of passengers stranded abroad, it'll also involve Britain's largest ever peace-time push to repatriate people.
00:00:25
The announcement has shocked many, including employees. But Monarch's collapse has been some time coming. The operator struggling to survive fierce competition and low ticket prices. Reuters Airlines Correspondent Victoria Bryan says its symptomatic of tough times for Europe's smaller carriers.>> The collapse of Monarch coming so soon after the problems that we've seen at Alitalia and Air Berlin shows that we're seeing an increased wave of consolidation among European airlines.
00:00:53
European airlines executives have long been saying that the sector in Europe needs to consolidate where it's much less profitable than in North America. Their consolidation has occurred and airlines are much more profitable.>> Monarch cancelling about 300,000 future bookings after last ditch talks with the Civil Aviation Authority failed to secure a rescue deal.
00:01:14
Its collapse will also impact suppliers, including Boeing. The US jet maker was due to supply 45 new planes to Monarch, but for rival airlines there will likely be some spoils.>> We could be seeing assets going to carriers such as Lufthansa, EasyJet, Ryanair. When I speak about assets, I mean things like planes, crews, airport slots.
00:01:36
These are all incredibly valuable for airlines, and will allow them to grow their business much more quickly than they otherwise would have been able to do had these carriers such as Alitalia, Air Berlin, and Monarch not gone bust.>> Around 900,000 travelers will be affected by Monarch's collapse.
00:01:52
Its toppled crown a sign of tough times for European airlines and their passengers.