Monarch under pressure to secure fresh investment before licence expires
Low cost holiday airline Monarch is under pressure to secure fresh investment as the travel firm's operating licence is due to expire at 11.59pm on Wednesday.
Last month the Civil Aviation Authority (CAA) granted a 12-day extension on the firm's Atol licence as rumours grew about the company's future.
Monarch was forced to deny "negative speculation" that it is in financial trouble.
The company insisted that it had received "significant further investment" from shareholders and was "close to announcing the largest investment in its 48-year history" but no more updates have been issued.
A further extension of the Atol licence is dependent on fresh funding.
Monarch will not be able to sell package holidays from Thursday unless its licence is extended again or renewed.
Holidaymakers currently abroad or due to travel after that date would still be protected as the scheme is dependent on when a trip is booked rather than when it takes place.
The boss of Monarch pulled out of a public speaking engagement on Tuesday ahead of the deadline.
A spokesman for Monarch said Mr Swaffield missed the event as he had "business to attend to in the UK".