Crunch time for Globespan
Abi BrayThe laegest commercial passenger carrier in Scotland, Globespan, faces a “crunch-time” deadline tomorrow concerning funding, an event which probably decide on the fate of the company.
It’s believed that the airline, which avoided administration at the last minute last month, is still waiting for Halcyon Investments payments., a Jersey-based special purpose vehicle.
It is believed that the payment is connected to money owed to the carrier by credit-card processing firm E-Clear.
The airline could be forced into administration this week if it would fail to receive the funds.
A big-four accountancy company has been called upon and is in standby. It’s believed that the Civil Aviation Authority is being kept once again informed of all details pertaining to the carrier.
A source close to Globaspan officials revealed that, although this situation is of the airline’s making, things have become very serious.
The source added that it was now “crunch time”.
Founded in 1970, Globespan Group has about 900 staff based in Europe and North America, and has a fleet of more than 10 aircrafts, primarily based on Scottish airports and flying to destinations such as Orlando and Alicante.
Globespan today revealed that it is on the verge of concluding a huge investment from Halcyon Investments Ltd.
Halcyon is said to have negotiated an investment deal with the Edinburgh based airline that are comprised of up front and future cash injection into the firm to allow it to expand its airline and associated products and services.
/images/rssicon.jpg "Subscribe to RSS feed")
Subscribe for free and recieve the latest Self-Catering-Breaks news and stories
Filed under Business & Finance, Europe News, Travel News, UK News