UK low-cost carrier Monarch Airlines announced Oct. 12 it has received a £165 million ($203 million) injection from majority shareholder, Greybull Capital, on the deadline set by UK regulator Civil Aviation Authority  to have fresh funding in place.

On Sept. 30, Monarch received a 12-day extension of its air travel organizer’s license (ATOL) from the CAA, which allowed the Luton-based carrier to continue flying.

ATOL is a UK government-mandated travel insurance scheme that provides passengers with protection so they will not be stranded if the airline or travel company through which they booked ceases to operate while they are traveling. Airlines need to demonstrate financial viability to maintain an ATOL, and Monarch’s license had been set to expire Sept. 30.

Monarch was forced to issue a statement denying rumors sweeping the internet two weeks ago that the company was in financial difficulties.

In a brief statement, Monarch said the injection—the largest investment in the company’s 48-year history—had allowed it to renew its ATOL licenses for the next 12 months, as well as fund future growth plans.

In October 2014, Monarch announced an order for 30 Boeing 737 MAX 8s, with options for an additional 15. The first of these aircraft is scheduled to be delivered in 2018.

“It is testament to the extensive effort by all parties, over the past weeks and months, that we are able to announce the largest investment in our 48-year history, as well as the renewal of our ATOL licenses,” Monarch Group CEO Andrew Swaffield said.

“We are now firmly focused on the future as a stronger Monarch.”