Punters say Monarch next airline to go bust

Luton-based Monarch Airlines has firmly denied that it is suffering from financial difficulties as a popular bookmaker has slashed the odds that it would be the next airline to collapse.

The low-cost carrier insisted that it holds substantial assets in its balance sheet and that it was trading well.

The announcement comes as bookmaker Paddy Power said it has received over 100 bets in the last seven days that Monarch would suffer the same fate as Scottish low-cost carrier Flyglobespan, which went under two weeks ago.  The bookmaker now has made Monarch the new favourite in the Next Airline To Go Bust market, slashing the odds from 50-1 to 4-1.

The airline claims that passengers should have no need to worry, and reminded those flying with the airline that it is one of the UK’s leading budget carriers and the airline is the number one choice for tour operators across the UK.

It also said that a new series of routes to Turkey have been planned for summer 2010 and that the airline has invested about $1 billion in a new fleet of Boeing 787 Dreamliners.

In a statement this week, Monarch reported that it was 2 per cent above scheduled load factors for December, compared with the same period last year, and ahead with bookings in 2010.

In September 2008, Paddy Power stopped taking best on XL Leisure after having received over 200 bets in 24 hours that it would be the next airline to go under.  XL collapsed just days later, forcing the company to pay £15,000 to successful punters.