Never seen a horses moth. Has anyone else?

Let us consider the real reason- a failed business model. If it   was Brexit causing Monarch's bankruptcy why are other similar airlines still solvent? Gable is simply posturing and grandstanding.For a longstanding oilcompany economist he should know better.
. Monarch's problems can be summed up very succinctly: Falling revenues and rising costs, says Blair Nimmo of the airline's administrator, KPMG.
Gerald Khoo, an analyst with investment bank Liberum, said Monarch was "widely considered to be financially doomed" for many years, according to the Financial Times.
Speculation that the 50-year-old company was close to collapse first surfaced in September last year(2016)but the airline strongly denied it was in trouble at the time. Monarch received a funding injection from private equity business Greybull Capital shortly after. It later emerged that Monarch lost £291 million in the year to October 2016.

Was terrorism a major factor?. One of its most important markets was the Red Sea, but all travel to Sharm el-Sheikh, a year-round sun destination, was stopped after the 2015 bombing of a Russian Metrojet airliner. Monarch also had to stop operating services to Tunisia after the shootings at Sousse in 2015.
Monarch’s collapse follows the failure of Air Berlin and Alitalia, so will we see more airlines go bust?

The three carriers most likely to fail have now done so. But in general, industry observers have warned of too much capacity in the market: good news for passengers in the short term with lower fares, even for summer holiday flights, but unsustainable for many businesses. The pressure on airlines eased while the price of oil was low, but others may yet struggle.