Globespan airlines heading for troubled skies

Hotel News - 14/12/2009

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There may be trouble ahead for budget Scottish airline company FlyGlobeSpan.com. Things have been tough for the package holiday and budget airline business recently, making it hard for them to make ends meet. They were expecting to receive emergency funds to get things off the ground once more, but this has yet to materialise, leaving many of the company’s planes grounded.

Globespan is Scotland’s largest airline and is known to have been having financial troubles for several months. Last month, the company was bailed out of trouble just in the nick of time and was expecting the same result this month. However, it seems that the company who were to be helping Globespan may now be having money problems of their own.

The payment is due to be made by Halcyon Investments, a Jersey-based special purpose vehicle. However, the payment is also linked to funds owed to the airline by E-Clear, which is a credit-card processing firm.

Constantine Serafim is the marketing and communications director of E-Clear. In a recent interview she announced that: "We went through this last year and we've cleared the situation. We are in a strong position ... Airlines have gone down but our position is really not weakened. We are just assessing our risk like any other bank or financial institution is. We are assessing the risk and we move on."

If the payment does not turn up in time, Globespan will be forced into administration. It seems that time is running out as a source recently revealed that: "This is not of Globespan's own making but the situation is once again very serious. We are getting to crunch time."

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