silverstreak
The PWC web site says the airline is likely to go into administration tomorrow 17/12/2009. So I would assume the AC are still insured.
Here is a snip from the pwc press release:
"Bruce Cartwright, Graham Frost and Ian Oakley-Smith at PricewaterhouseCoopers (PwC) have been appointed as joint administrators to Scottish travel firm, The Globespan Group plc and Alba Ground Handling Ltd (‘the Group’) at the request of the Globespan directors on 16 December 2009. It is likely that other Group companies, including the airline which operated as Flyglobespan, will be placed into administration on 17 December 2009."
But they go on to say flight ops will cease this evening.