Flyglobespan ‘faces collapse’
14.12.09
Concern is mounting over the future of Scottish holiday airline FlyGlobespan, which has not yet received promised funds from an investor in a rescue deal announced last month, the Guardian reports. The company says it is waiting for ‘regulatory approval’ before the deal can be completed.
Globespan Group, the privately owned firm behind FlyGlobespan, is reported to have been on the brink of calling in administrators four weeks ago. It managed to keep going, however, announcing the business had ‘successfully secured a financial investment package that will see Scotland's leading airline continue to prosper and grow’.
However, this weekend Globespan confirmed to the Guardian newspaper that the deal was still blocked because it needed to be approved by regulators. It said in a statement: ‘Globespan is on the verge of successfully concluding a major investment from Halcyon Investments.'
Halcyon is reported to be a Jersey-based investment vehicle controlled by E-Clear, an online credit card payment processing business with several smaller European airlines among its clients, including FlyGlobespan. E-Clear has a financial exposure to airline insolvencies, which are on the increase.
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