Daddy-Oh
In case you forget, XL had its financing pulled by Barclays in August of 2008, as they were unhappy about the financial structure of the business.
Further, to quote a news article, it was lossmaking in the year ending Oct 2007, before the credit crunch hit the real economy. Added to which, it had taken out borrowings that were unsustainable.
XL, which sells holidays under brands including Freedom Flights and Medlife Hotels, made an operating loss of £24m in the 12 months to October last year.
Net liabilities increased from £8m to £59m during the period, according to documents filed with Companies House. Money owed to creditors grew from £114m to £205m.
So if you think it was lack of bookings in the last month, use Google a bit and educate yourself.
As HF mentioned on p1, it is the lack of financing that kills businesses, where banks see no route to recovery of their loans.
Daddy-Oh - you are perpetuating this thread through a complete lack of reasoned debate on the matter. In putting your fingers in your ears and shouting down all others, you have simply caused reasoned argument to win the day. How about responding in kind with a substantive reason why GSM is not going down the pan?
I await with anticipation.