Collapsed Monarch Airlines faced $133 million loss: CEO
British carrier Monarch Airlines faced an annual loss in excess of $133 million (over â¹867 crore) when it went bust, CEO Andrew Swaffield has said. He said the collapse of Monarch was timed to avoid more disruption and could not have been averted because of Britain's insolvency laws. The failure of Monarch has affected nearly 9 lakh passengers in total.