They later secured investment from Halcyon Investments to get over their cash flow issues and fund future expansion
Now the airline is close to going in administration again, because regulatory approval for the new funding has not yet been granted. It also turns out that Halcyon Investments is controlled by E-Clear, the very company that a month ago was withholding money from them!
I also very much doubt that the regulatory authorities (i.e. the CAA) would delay approval for the investment, given its apparent urgency, without a very good reason to do so. The last thing they want is a Scottish version of XL.
And of course caught in the middle of all this are GSM's staff
Sandyb123 From UK - Scotland, joined Oct 2007, 1151 posts, RR: 0
Reply 3, posted (5 years 1 month 2 weeks 5 days 17 hours ago) and read 3499 times:
I heard last Friday that there was 48 working hours until they literarily ran out of cash. That is COB tomorrow. A consultant contact who works very closely with GSM has been working round the clock recently.
Good luck to them! But I won't be booking anything until I know their long term future is a little more secure.
AvroArrow From Canada, joined Sep 2001, 1045 posts, RR: 0
Reply 4, posted (5 years 1 month 2 weeks 5 days 17 hours ago) and read 3477 times:
I remember driving past YHM late in the summer with my wife in the car. Since I was busy driving in traffic I wasn't keeping my eye on the skies as I like to do when near an airport. My wife had her window down and just as we were driving past the end of RWY 30 a Globespan 767 appeared rather suddenly and noisily over top of our car thundering towards touchdown. It gave my wife quite a start and made me grin since I couldn't have planned the timing any better if I tried. The 767 looked great in the late afternoon sun, I too think it would be a shame if they were to collapse. Fingers crossed.
Give me a mile of road and I can take you a mile. Give me a mile of runway and I can show you the world.
MCO2BRS From United Kingdom, joined Jan 2007, 549 posts, RR: 0
Reply 6, posted (5 years 1 month 2 weeks 5 days 12 hours ago) and read 3163 times:
I certainly hope that this does not happen, my company deals with GSM directly and they provide a decent amount of business for us. Does anyone know when the regulatory approval is supposed to be given/denied? Most articles suggest today was their last day before funding ran out, but BBC is reporting it has been postponed, but doesn't say until when.
Styles9002 From United States of America, joined May 2007, 534 posts, RR: 1
Reply 7, posted (5 years 1 month 2 weeks 4 days 21 hours ago) and read 2894 times:
I flew GSM once NOC-BOS and give their cabin crew high marks. Friendly, attentive and professional. Their management, on the other hand, leaves much to be desired and their owner (TD) is someone I can't say anything good about so I'll say nothing at all.
I hope no job losses come about as a result of these difficulties, especially in the run up to Christmas.