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Monarch Airlines Gets $121 Million Bailout, Sunday Times Reports

Oct. 30 (Bloomberg) -- The Swiss owners of Monarch Airlines Ltd. injected 75 million pounds ($121 million) in cash into the carrier because of surging fuel prices, the Sunday Times reported.

It’s the second time in two years that the Mantegazza family have bailed out the company, which is expected to report a loss of 45 million pounds for the year, the newspaper said without citing anyone.

Monarch Airlines is planning to shift into a scheduled carrier, taking the company into direct competition with EasyJet Plc, Ryanair Holdings Plc and British Airways Plc on routes to Spain, Portugal and Greece.

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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