Monarch: Deadline looms for troubled airline

The low-cost airline Monarch has until midnight on Wednesday to put its finances in order so that it can retain its licence to operate.

The Civil Aviation Authority says Monarch needs to boost its cash reserves if it is to renew the airline's Air Travel Operators' Licence. Monarch's licence expired at the end of September, but the CAA has given it an extra 12 days to raise the money.

Monarch says it is working on a deal with it main stakeholder and with the aircraft manufacturer Boeing.

Video journalist: Jeremy Howell