Monarch Airlines (1968) (London Luton) has denied rumours circulating via social media that it is in financial distress and in imminent danger of suspending all operations.

Earlier this weekend, Twitter users questioned the positioning of several B747-400s to various leisure destinations around Spain, all of which bore a remarkable resemblance to Monarch's own network.

The UK leisure specialist has since refuted any claims about its alleged ill health claiming it is on track to register an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of GBP40 million (USD51.8 million) for its current financial year which ends in October.

"This is despite a difficult period for the holiday industry due to terrorist incidents, Brexit and the resulting devaluation of sterling," it said in a statement issued on Monday, September 26. "Our flights are operating as normal, carrying Monarch customers as scheduled."

Monarch's largest shareholder, Greybull Capital LLC, is expected to announce a significant investment in the coming days.