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| Monarch staff agree to pay cuts of up to 30% | Monarch staff agree to pay cuts of up to 30% |
| (about 3 hours later) | |
| Monarch says its staff have agreed to pay cuts of up to 30% to secure the future of the airline. | Monarch says its staff have agreed to pay cuts of up to 30% to secure the future of the airline. |
| It said its employees had voted overwhelmingly in favour of the plan, following discussions with unions. | It said its employees had voted overwhelmingly in favour of the plan, following discussions with unions. |
| Monarch's chief executive, Andrew Swaffield, said the vote was "a step forward" in the company's re-organisation. | Monarch's chief executive, Andrew Swaffield, said the vote was "a step forward" in the company's re-organisation. |
| On Tuesday the firm said it was in talks with investors Greybull Capital to sell a majority stake. | On Tuesday the firm said it was in talks with investors Greybull Capital to sell a majority stake. |
| Mr Swaffield added that there were still "further hurdles to be overcome" but that the company had secured future investments from Greybull. | Mr Swaffield added that there were still "further hurdles to be overcome" but that the company had secured future investments from Greybull. |
| "This is firm progress for Monarch, its employees and for its customers," he said. | "This is firm progress for Monarch, its employees and for its customers," he said. |
| 'Survive and thrive' | |
| Jim McAuslan, General Secretary of the British Airline Pilots' Association (Balpa), said pilots had made "major sacrifices to secure the future of this important British company". | Jim McAuslan, General Secretary of the British Airline Pilots' Association (Balpa), said pilots had made "major sacrifices to secure the future of this important British company". |
| "We welcome the announcement that Greybull are moving towards securing their position as majority shareholders in Monarch," he said. | "We welcome the announcement that Greybull are moving towards securing their position as majority shareholders in Monarch," he said. |
| "It is now time for the government to engage with all of the parties concerned and do everything it can to make this deal happen and help Monarch survive and thrive." | "It is now time for the government to engage with all of the parties concerned and do everything it can to make this deal happen and help Monarch survive and thrive." |
| Oliver Richardson from Unite, which has more than 1,000 members working at Monarch, said that while the discussions had been difficult, "it is clear they [Greybull] remain committed to the company". | Oliver Richardson from Unite, which has more than 1,000 members working at Monarch, said that while the discussions had been difficult, "it is clear they [Greybull] remain committed to the company". |
| He added that he would also be looking for assurances and commitments from the new investors and companies. | He added that he would also be looking for assurances and commitments from the new investors and companies. |
| As part of the company's re-organisation plans some 900 jobs are likely to go, representing about 30% of its workforce. | As part of the company's re-organisation plans some 900 jobs are likely to go, representing about 30% of its workforce. |
| Monarch is in the process of transforming itself from a charter carrier into a low-cost airline. It will concentrate on low-cost flights to Europe, competing with the likes of Ryanair and Easyjet. |