FlyGlobeSpan - 8 (merged)
Join Date: Feb 2001
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BBC News - Airline rejects talk of collapse
Scotland's largest airline, Flyglobespan, has denied it is on the brink of collapse.
Instead, the company, based in Edinburgh, said it was on the verge of concluding a major funding package from Halcyon Investments Ltd.
Flyglobespan said the investment package was subject to regulatory approval but was about to be finalised.
So whom do we believe? If Halcyon have said no then it looks bad.
Scotland's largest airline, Flyglobespan, has denied it is on the brink of collapse.
Instead, the company, based in Edinburgh, said it was on the verge of concluding a major funding package from Halcyon Investments Ltd.
Flyglobespan said the investment package was subject to regulatory approval but was about to be finalised.
So whom do we believe? If Halcyon have said no then it looks bad.
Join Date: Apr 2008
Location: UK
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The end is nigh!!
In the last and in fact only communication from the company to its employees regarding GSM viability, TD clearly lied to us all.
We were told that the company had made a decision on their chosen investor, Halcyon Investments Ltd. This would give the company financial strength and vision to take the business forward to its natural next level.
It looks more like his hand was forced at the 11th hour.
From the weekend’s media stories on this matter, it would appear that our new investor is E-Clear, just with a different name. Rather alarming as they are withholding money from GSM and appear to have the company by the balls. For the company to continue operating, Halcyon/E-Clear will pay the funds due in the way of a loan but for a large portion of the company interest….
There is even further suggestion that TD will stand down at the early part of next year! Good riddance as far as many are concerned.
With operations, crewing and admin staff as well as pilots being made redundant, along with contract pilots on the 737 and 767 not being retained, many if not all of the crew and staff are disillusioned with their faceless employer. TD has made it very clear what he thinks of his employees and come next summer, if the airline is still operating, they may well have the last laugh.
For my friends and colleagues, I hope I am wrong however I fear the airline will be wrapped up and cease to operate prior to S10, with the holiday side of the company continuing to operate.
In the last and in fact only communication from the company to its employees regarding GSM viability, TD clearly lied to us all.
We were told that the company had made a decision on their chosen investor, Halcyon Investments Ltd. This would give the company financial strength and vision to take the business forward to its natural next level.
It looks more like his hand was forced at the 11th hour.
From the weekend’s media stories on this matter, it would appear that our new investor is E-Clear, just with a different name. Rather alarming as they are withholding money from GSM and appear to have the company by the balls. For the company to continue operating, Halcyon/E-Clear will pay the funds due in the way of a loan but for a large portion of the company interest….
There is even further suggestion that TD will stand down at the early part of next year! Good riddance as far as many are concerned.
With operations, crewing and admin staff as well as pilots being made redundant, along with contract pilots on the 737 and 767 not being retained, many if not all of the crew and staff are disillusioned with their faceless employer. TD has made it very clear what he thinks of his employees and come next summer, if the airline is still operating, they may well have the last laugh.
For my friends and colleagues, I hope I am wrong however I fear the airline will be wrapped up and cease to operate prior to S10, with the holiday side of the company continuing to operate.
Old ground being dug over.
Whilst it's nice to see that we're all doing our bit for the environment by doing some recycling, but please refer to earlier threads & comments.
As a further reminder FlyGSpan have long term, guaranteed regular income from HM government for providing the Falklands Air Bridge service plus other middle east / afghan troop movement work.
I will concede that the government funds would not keep the whole company afloat should the worst come to the worst, however, it would mean that the danger of admistration or of liquidation is minimal.
I'm no great fan of FlyGlobespan, but let's not pander to some journalistic egos that patently have a vested interest in driving another UK company to the wall by talking a viable company into trouble.
Whilst it's nice to see that we're all doing our bit for the environment by doing some recycling, but please refer to earlier threads & comments.
As a further reminder FlyGSpan have long term, guaranteed regular income from HM government for providing the Falklands Air Bridge service plus other middle east / afghan troop movement work.
I will concede that the government funds would not keep the whole company afloat should the worst come to the worst, however, it would mean that the danger of admistration or of liquidation is minimal.
I'm no great fan of FlyGlobespan, but let's not pander to some journalistic egos that patently have a vested interest in driving another UK company to the wall by talking a viable company into trouble.
Join Date: Sep 2008
Location: uk
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this is part of an interview with Phil Wyatt that appeared in TTG.
just makes you wonder who those other mystery airlines were, that were part of project phoenix...?
Refinancing
Wyatt was on holiday in Crete in August when he decided to travel back to the UK to meet the two Icelandic banks behind XL: Landsbanki and Straumur Investment Bank. The guarantor on the management buyout loan, Eimskip, was also present and the parties tried to finalise a protracted discussion and deal with a proposed refinancing plan called “Phoenix Wings”.
Phoenix Wings was a deal brokered by E Clear, XL’s credit card merchant services provider and driven by E Clear chief executive Elias Elia and his advisory board. The plan, described by Wyatt as a “brilliant business concept”, would have seen XL and other struggling charter airlines and operators merge.
“It was a solid plan that would have created one business of huge strength,” said Wyatt.
“But the meeting broke down on August 14 mainly because the banks couldn’t come to an agreement on how the debt would be financed,” he revealed.
Wyatt was then given assurances from Straumur that they were going to back XL.
“They didn’t want to do the Phoenix Wings deal, but said they would back XL as a business.
“So although I went back to Crete very upset [that he’d lost his Ł36 million shareholding], the sobering thought was that at least the
business was secure – or so I thought.”
Wyatt was on holiday in Crete in August when he decided to travel back to the UK to meet the two Icelandic banks behind XL: Landsbanki and Straumur Investment Bank. The guarantor on the management buyout loan, Eimskip, was also present and the parties tried to finalise a protracted discussion and deal with a proposed refinancing plan called “Phoenix Wings”.
Phoenix Wings was a deal brokered by E Clear, XL’s credit card merchant services provider and driven by E Clear chief executive Elias Elia and his advisory board. The plan, described by Wyatt as a “brilliant business concept”, would have seen XL and other struggling charter airlines and operators merge.
“It was a solid plan that would have created one business of huge strength,” said Wyatt.
“But the meeting broke down on August 14 mainly because the banks couldn’t come to an agreement on how the debt would be financed,” he revealed.
Wyatt was then given assurances from Straumur that they were going to back XL.
“They didn’t want to do the Phoenix Wings deal, but said they would back XL as a business.
“So although I went back to Crete very upset [that he’d lost his Ł36 million shareholding], the sobering thought was that at least the
business was secure – or so I thought.”
just makes you wonder who those other mystery airlines were, that were part of project phoenix...?
Join Date: Sep 2003
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Join Date: Dec 2002
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Davyday
My 3 kids would like to say thank you for wishing that their dad loses his job, especially the week before christmas!!!
You may hate gsm but do you really wish me as a mere employee, out of work?
You may hate gsm but do you really wish me as a mere employee, out of work?
Join Date: Dec 2002
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4 years.
I like the company, it has it's faults, But then all companies do.
But it is the people at gsm who are the best. And it is these people all 600 or so of us, who davyday wants to see on the dole.
As gd44 said above.
I like the company, it has it's faults, But then all companies do.
But it is the people at gsm who are the best. And it is these people all 600 or so of us, who davyday wants to see on the dole.
As gd44 said above.
Its sad really
Join Date: Jan 2007
Location: Benahavis, Malaga, Spain
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As someone who has flown as slf for nearly 7 years with GSM, and as I said on The Scotsman's electronic page yesterday, GSM is a great airline with superb CC. I hope the powers that be get everything sorted. 'Best of Scottish' GSM !!
Feliz Navidad!
Feliz Navidad!
Join Date: Aug 2009
Location: Scotland
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Shame old.....
Davyday's posts= same old sh
, different day.
I think the fact that we all have bills to pay and mouths to feed, not to mention its the week before christmas, is far more important than the pathetic axe you feel compelled to grind with gsm on a daily basis.
, different day.I think the fact that we all have bills to pay and mouths to feed, not to mention its the week before christmas, is far more important than the pathetic axe you feel compelled to grind with gsm on a daily basis.