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FlyGlobespan's Future In The Balance, Again  
User currently offlineHumberside From United Kingdom, joined Dec 2005, 4920 posts, RR: 4
Posted (4 years 9 months 5 days 11 hours ago) and read 3779 times:

Last month FlyGlobespan nearly collapsed after their credit card company, E-Clar delayed payments.
FlyGlobespan Cash Flow Issues (by Humberside Nov 15 2009 in Civil Aviation)

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

http://www.guardian.co.uk/business/2.../13/globespan-faces-funding-crunch
http://www.independent.co.uk/news/bu...n-on-cusp-of-collapse-1839145.html

A quote from the independent article

Quote:
A source said: "This is not of Globespan's own making but the situation is once again very serious. We are getting to crunch time."


EDIT - The Travel Trade Gazette reports GSM face a 'funding deadline' this afternoon
http://www.ttglive.com/c/portal/layo...%20denies%20on-the-brink%20rumours

[Edited 2009-12-14 07:08:20]


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9 replies: All unread, jump to last
 
User currently offlineAcelanzarote From Spain, joined Nov 2005, 830 posts, RR: 0
Reply 1, posted (4 years 9 months 5 days 10 hours ago) and read 3701 times:

Well I hope they don't go, always nice to see them in the airport and get
quite a few people in the shop who have used the GLA/EDI services.

Mind there was a comment on here the other day about the 767
operating out of Brize for the RAF being the cash cow that was keeping
them going so who know's.

Certainly hope nothing happens before the New Year else a lot
of people are going to have their Christmas breaks etc messed up..


hoping for the best...

[Edited 2009-12-14 07:26:35 by acelanzarote]


from the Island with sun and great photo's.. Why not visit Lanzarote
User currently offlineHawaiian763 From Canada, joined May 2009, 258 posts, RR: 0
Reply 2, posted (4 years 9 months 5 days 6 hours ago) and read 3408 times:

It would be sad to see them go. I always enjoy seeing them operate their flights during the summer to YYC

User currently offlineSandyb123 From UK - Scotland, joined Oct 2007, 1108 posts, RR: 0
Reply 3, posted (4 years 9 months 5 days 5 hours ago) and read 3347 times:
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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.

Sandyb123



Member of the mile high club
User currently offlineAvroArrow From Canada, joined Sep 2001, 1045 posts, RR: 0
Reply 4, posted (4 years 9 months 5 days 5 hours ago) and read 3325 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.
User currently offlineYellowtail From United States of America, joined Jun 2005, 6162 posts, RR: 2
Reply 5, posted (4 years 9 months 5 days 5 hours ago) and read 3265 times:



Quoting Acelanzarote (Reply 1):
Mind there was a comment on here the other day about the 767
operating out of Brize for the RAF being the cash cow that was keeping
them going so who know's.

Appears in BZE from time to time doing the RAF charters.



When in doubt, hold on to your altitude. No-one has ever collided with the sky.
User currently offlineMCO2BRS From United Kingdom, joined Jan 2007, 540 posts, RR: 0
Reply 6, posted (4 years 9 months 5 days 1 hour ago) and read 3011 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.

http://news.bbc.co.uk/2/hi/uk_news/s...and/edinburgh_and_east/8411643.stm

Cheers,

MCO-2-BRS


User currently offlineStyles9002 From United States of America, joined May 2007, 527 posts, RR: 1
Reply 7, posted (4 years 9 months 4 days 10 hours ago) and read 2742 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.



It is what it is.
User currently offlineEI320 From Ireland, joined Dec 2007, 1437 posts, RR: 0
Reply 8, posted (4 years 9 months 3 days 8 hours ago) and read 2398 times:

Possibly the end for FlyGlobespan, reports indicate that the group are entering administration:


http://www.ttglive.com/c/portal/layo...=3463174&articleTitle=Flyglobespan

as posted in the Irish thread


User currently offlineSrbmod From , joined Dec 1969, posts, RR:
Reply 9, posted (4 years 9 months 3 days 7 hours ago) and read 2328 times:

Please continue the discussion here:

FlyGlobespan In Administration? (by FCAFLYBOY Dec 16 2009 in Civil Aviation)


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