Monarch Airlines has confirmed it has been talking to potential partners after a news report said that parts of the group’s short-haul network would be sold.
Sky News reported that two listed budget airlines, easyJet PLC (LON:EZJ) and Wizz Air PLC (LON:WIZZ) are among rivals that have lodged bids for parts of Monarch's short-haul network.
READ: easyjet dips its toe into long-haul market with Gatwick agreements with Norwegian Air and WestJet
However, in a statement today, reported by Reuters, Monarch said it had no news to announce yet but added that it was undertaking a review of its business.
The airline, which predominantly flies to holiday destinations, said: "We are having regular discussions on a number of options with potential strategic partners and we will announce any material developments, if and when they happen.”
Sky News said Monarch's board and shareholders believe the company - which needed rescuing with a huge cash injection this time last year - could have a profitable future as a long-haul carrier.
The move comes amid tough price competition in the airlines sector, with Air Berlin and Alitalia having filed for insolvency this year and both are also seeking new investors for parts of their business.
FTSE 100-listed easyJet is already understood to be interested in picking up about 27-30 planes, including associated slots and crew at Berlin airport, from Air Berlin, an administrator for the German airline said this week.