FlyGlobeSpan - 8 (merged)
Flyglobespan says that, following several months of negotiations with Halcyon Investments, it has completed a deal with the company.
In a statement, Flyglobespan owner and chairman Tom Dalrymple says: "In the past few months I, and my senior executives, have received a number of presentations from parties interested in investing in our business.
"I am pleased to say that the chosen investor has the financial strength and vision to take the business forward to its natural next level."
In the same statement a spokesman for Halcyon Investments - which operates from an address in London - says: "We have great belief in the Globespan senior management and its brand positioning in the marketplace.
In a statement, Flyglobespan owner and chairman Tom Dalrymple says: "In the past few months I, and my senior executives, have received a number of presentations from parties interested in investing in our business.
"I am pleased to say that the chosen investor has the financial strength and vision to take the business forward to its natural next level."
In the same statement a spokesman for Halcyon Investments - which operates from an address in London - says: "We have great belief in the Globespan senior management and its brand positioning in the marketplace.
Good luck Globespan and may you be the exception to the rule.
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1/ Airlines usually go bust because they run out of cash, not necessarily because they are unprofitable. You can have a profitable airline but if it has poor cashflow, it could still go bust.
2/ The key point here is not whether Globespan have got a new investor (which they clearly have) - it is whether they have received any cash from their new investor to stave off the cash shortages caused by their credit card provider, E-Clear. The only important thing is whether the cash injection has appeared, not whether they've got a new investor lined up. As pointed out by a previous poster, look at the example of Silverjet.
3/ It has been fairly widely known in the industry that GSM have had major troubles for several weeks with £18-20m of cash being held back by their credit card provider. That card provider happens to be the same one which was on the hook to provide refunds to a lot of Sky Europe, XL and Zoom customers. It may or may not be a coincidence that they apparently are holding on to a lot of Globespan's forward sales money.
I wish Globespan no ill, but the bitter experience of others suggests that a healthy dose of reality is needed to temper some of the enthusiasm here.
2/ The key point here is not whether Globespan have got a new investor (which they clearly have) - it is whether they have received any cash from their new investor to stave off the cash shortages caused by their credit card provider, E-Clear. The only important thing is whether the cash injection has appeared, not whether they've got a new investor lined up. As pointed out by a previous poster, look at the example of Silverjet.
3/ It has been fairly widely known in the industry that GSM have had major troubles for several weeks with £18-20m of cash being held back by their credit card provider. That card provider happens to be the same one which was on the hook to provide refunds to a lot of Sky Europe, XL and Zoom customers. It may or may not be a coincidence that they apparently are holding on to a lot of Globespan's forward sales money.
I wish Globespan no ill, but the bitter experience of others suggests that a healthy dose of reality is needed to temper some of the enthusiasm here.
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The glass is always half empty, eh, Racedo? Tom Dalrymple, himself could afford to inject £20 million from his own wealth into his company.
Heaven forbid anyone should be upbeat & have some potentially good news to post on here.
You really are, as your profile suggests. from a 'Darkest' of dark places.
Chin up, eh?
Heaven forbid anyone should be upbeat & have some potentially good news to post on here.
You really are, as your profile suggests. from a 'Darkest' of dark places.
Chin up, eh?
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racedo is right in the fact that you never stop being nervous until the cash is in the bank, but the contracts will have been signed and that should be enough to calm the nerves.
I did hear from someone that a certain Mr. Dalrymple has been on an extended tour of the city with cap in hand, so that might be where this story has come from. That's not saying that there any problems, you see alot of company bosses running around looking harrassed!
1+1 should = 2, but add in a journo that may have a grudge for some reason and I think I can see where this has all come from.
Hopefully it hasn't hurt anything too much.
I did hear from someone that a certain Mr. Dalrymple has been on an extended tour of the city with cap in hand, so that might be where this story has come from. That's not saying that there any problems, you see alot of company bosses running around looking harrassed!
1+1 should = 2, but add in a journo that may have a grudge for some reason and I think I can see where this has all come from.
Hopefully it hasn't hurt anything too much.
The glass is always half empty, eh, Racedo? Tom Dalrymple, himself could afford to inject £20 million from his own wealth into his company.
Heaven forbid anyone should be upbeat & have some potentially good news to post on here.
You really are, as your profile suggests. from a 'Darkest' of dark places.
Chin up, eh?
Heaven forbid anyone should be upbeat & have some potentially good news to post on here.
You really are, as your profile suggests. from a 'Darkest' of dark places.
Chin up, eh?
Promises are worth zilch as only when the cash is in the bank is it believable, you may believe in your personal comments that its being nasty BUT sadly as experience has shown it is reality as investors find reason after reason not to go ahead.
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Scaremongering Journo-Crassness like his should be banned. It was the nail in XL's coffin when people cancelled holidays & booked elsewhere because a couple of papers said "Ooh, XL's looking dodgy".
To suggest that media should be gagged would be completely counterproductive in establishing the truth.
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A moment of light relief....
If the investor is as named, then Halcyon Days beckon
OK, the ones who have to be in bed by 11 know what's a comin'
Any chance of a return to the Halcyon colour schemes courted by the last eponymous investment vehicle?
Make mine a pink one!
Sir George Cayley
If the investor is as named, then Halcyon Days beckon
OK, the ones who have to be in bed by 11 know what's a comin'
Any chance of a return to the Halcyon colour schemes courted by the last eponymous investment vehicle?
Make mine a pink one!
Sir George Cayley
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Having been away for the weekend, I find this thread highly hilarious !
Basically, what a crock !!!
Lazy journalism as usual and scaremongering to the extreme.
I hope that all of those that have jumped on to the bandwagon will be offering their sincere apologies very shortly?
Unbelievable.
Basically, what a crock !!!
Lazy journalism as usual and scaremongering to the extreme.
I hope that all of those that have jumped on to the bandwagon will be offering their sincere apologies very shortly?
Unbelievable.
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As one of the many that Mr Dalrymple left high and dry on payday itself back in the mid nineties, expect him to do a disappearing act when things go pearshaped, rather than show a penny of his own fortune. The last concern of his is his loyal staff.
Best of luck to those staff at GSM. These are really tough times and I genuinely hope the future is good for you, if not your owner
Best of luck to those staff at GSM. These are really tough times and I genuinely hope the future is good for you, if not your owner
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AT LAST
JET2 BANG ON!
The independant has every right to run the story, its hardly a state secret that the company is in severe trouble and its imminent collapse is very much on the cards..
We now have the truth aired and the public and staff have the right to know the current state of GLOBESPAN PLC .
How would you feel if you were an XL or Zoom passenger last year left to fend your own way with a family on a holiday,yeah covered by ABTA only when all the sh** has hit the fan...
I for one am glad its out in the open..
a sort term investment.NEVER get my money..
The independant has every right to run the story, its hardly a state secret that the company is in severe trouble and its imminent collapse is very much on the cards..
We now have the truth aired and the public and staff have the right to know the current state of GLOBESPAN PLC .
How would you feel if you were an XL or Zoom passenger last year left to fend your own way with a family on a holiday,yeah covered by ABTA only when all the sh** has hit the fan...
I for one am glad its out in the open..
a sort term investment.NEVER get my money..
Out if interest, if there are any Mods or IT competent people that could trawl quickly through 5 years worth of PPrune threads......What is the % and time span of a company being "outed" on pprune as being in trouble, and it actually being in trouble weeks or months later?
Are there many, or is it just that we remember the correct guesses?
Are there many, or is it just that we remember the correct guesses?
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I'm not wishing collapse on anyone, if you've been around the UK industry for some time - this is what happens!
I suspect Jet2 is recalling a certain airline with a EMA HQ - Tom's first attempt at his own airline!
I know this is generally a 'spotters' forum with very little insight other than whats printed in 'Airliner World' but GSM will be gone before Summer 2010, no smoke without fire...Tom's press release is damage limitation - get over it Scotty Spotters....
Mr Cook and Mr Thomson waiting in the wings..????
I suspect Jet2 is recalling a certain airline with a EMA HQ - Tom's first attempt at his own airline!
I know this is generally a 'spotters' forum with very little insight other than whats printed in 'Airliner World' but GSM will be gone before Summer 2010, no smoke without fire...Tom's press release is damage limitation - get over it Scotty Spotters....
Mr Cook and Mr Thomson waiting in the wings..????
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"Bring on the clowns....."
DAVYDAY!! Someone's slagging off Globespan & just like the Spanish Inquisition you pop up spouting diatribe & a pan full of arse gravy.
Haven't we been here before, last year, when according to you GSM were mere hours from failing spreading doom & gloom & upsetting people who were worried for their livelihoods?
So I take it this time round, you have a little thing called EVIDENCE to substantiate your claims that Globespan is on the verge of collapse.... you know the usual things... fuel bills unpaid.... staff unpaid... handling agents unpaid... airport fees unpaid... being denied credit?
... thought not.
Oh & as for your not wanting to invest your money... I bet Tom Dalrymple's devastated by that!
DAVYDAY!! Someone's slagging off Globespan & just like the Spanish Inquisition you pop up spouting diatribe & a pan full of arse gravy.
Haven't we been here before, last year, when according to you GSM were mere hours from failing spreading doom & gloom & upsetting people who were worried for their livelihoods?
So I take it this time round, you have a little thing called EVIDENCE to substantiate your claims that Globespan is on the verge of collapse.... you know the usual things... fuel bills unpaid.... staff unpaid... handling agents unpaid... airport fees unpaid... being denied credit?
... thought not.
Oh & as for your not wanting to invest your money... I bet Tom Dalrymple's devastated by that!
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Fully awake, thank you.
And to all those who think & want GSM to fail why don't you petition a bookies to open a book on when GSM will fail....
... oh, sorry, someone's already tried that & had to make an embarrassing climb down.
I would make a statement of "You were right" to all the "I told you so's" but I know that the doomers on don't have the balls to extend me the same courtesy.
Slainte
And to all those who think & want GSM to fail why don't you petition a bookies to open a book on when GSM will fail....
... oh, sorry, someone's already tried that & had to make an embarrassing climb down.
I would make a statement of "You were right" to all the "I told you so's" but I know that the doomers on don't have the balls to extend me the same courtesy.
Slainte
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It would be interesting to know what GSM intend to do with this investment and what size it is. This talk of "to take the business forward to the next natural level" is all very nice but what do they intend to do with the cash? On the presumption that GSM lease their aircraft I wouldn't have thought that much capital (relatively speaking) would be needed to bring in new a/c. GSM have grown rapidly over the last few years without the need of any external investment so why now? If, as I believe is true, the senior management have for months been speaking to external parties about an investment in Globespan, why not communicate it better. This at best is a PR screw up. Rather than the investment being seen as good news, the management have had to come out and quash rumours the airline is on the brink of failure.
While Globespan showed a modest profit in their last set of accounts, i'm guessing their balance sheet must have taken a hit following the major loss they incurred a couple of years ago. With the added competition on a lot of their bread and butter European routes and the economic forecast, GSM are in for a tricky 12 months on their short haul scheduled business. It's not unreasonable to think that Globespan are short of cash.
While Globespan showed a modest profit in their last set of accounts, i'm guessing their balance sheet must have taken a hit following the major loss they incurred a couple of years ago. With the added competition on a lot of their bread and butter European routes and the economic forecast, GSM are in for a tricky 12 months on their short haul scheduled business. It's not unreasonable to think that Globespan are short of cash.
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DADDY-OH!
Scaremongering Journo-Crassness like his should be banned. It was the nail in XL's coffin when people cancelled holidays & booked elsewhere because a couple of papers said "Ooh, XL's looking dodgy". Well no sh*t, Sherlock!! They were looking a whole lot dodgier after comments like that!!!
GSM have always sailed close to the wind; I wish them no harm, only time will tell.
Rgds
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Firstly I should like to state that I wish FlyGlobeSpan well.
What confuses me it the rhetoric:
In terms of a (relatively) small low-cost airline, what is the 'next natural level' and how, in the deepest recession for many years, do they intend to achieve that?
Achieving the 'next natural level' suggests long-term planning and not an '11th hour' injection of cash to save the airline from the brink.
All seems contradictory to me.
'investment' and 'cash injection' may appear to be the same, but in practice they would be for completely different reasons.
I can't see how anyone would 'invest' in an airline to save it from the brink and risk good money following bad (IF that is the case).
Conversely, if an 'investor' has been found it seems a strange time to be investing IF the airline is 'on the brink'.
Just a thought (or two).
KR
FOK
What confuses me it the rhetoric:
In terms of a (relatively) small low-cost airline, what is the 'next natural level' and how, in the deepest recession for many years, do they intend to achieve that?
Achieving the 'next natural level' suggests long-term planning and not an '11th hour' injection of cash to save the airline from the brink.
All seems contradictory to me.
'investment' and 'cash injection' may appear to be the same, but in practice they would be for completely different reasons.
I can't see how anyone would 'invest' in an airline to save it from the brink and risk good money following bad (IF that is the case).
Conversely, if an 'investor' has been found it seems a strange time to be investing IF the airline is 'on the brink'.
Just a thought (or two).
KR
FOK