FlyGlobeSpan - 8 (merged)
Join Date: Aug 2006
Location: Edinburgh
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Head in the sand
I agree with the previous poster, it is clear there are problems at Globespan that can only get worse. Just look at what other airlines are planning for summer 2010 to the same destinations, at lower prices, on more economic aircraft at better schedules. The equation doesn't stack up!
Wake up to reality Carnethy!
Wake up to reality Carnethy!
Join Date: Mar 2008
Location: Newcastle NI
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Bad Bear, wake up smell the coffee Son!
You can't censure the whole world just because some individual or company is going through a rough patch (your word not mine)
I have no doubt Tiger Woods would be grateful of a D notice or that other Scottish treasure Susan Boyle when she had a purple patch, mind you there both probably worth more than GSM
I have no idea if GSM will come through this winter and i suspect that its the MOD money that's keeping them going right now, either way the damage is done, its in the P&J and other national newspapers and people spending their own money will avoid GSM.
My gut feeling is that you'll have more chance of getting on a flight with BA over Xmas thyen with GSM, this will be brought to a head today or tomorrow at the latest, put simply GSM will have to issue a press statement confirming its funding arrangements approved by the CAA or pull the shutter's down
I have no doubt Tiger Woods would be grateful of a D notice or that other Scottish treasure Susan Boyle when she had a purple patch, mind you there both probably worth more than GSM
I have no idea if GSM will come through this winter and i suspect that its the MOD money that's keeping them going right now, either way the damage is done, its in the P&J and other national newspapers and people spending their own money will avoid GSM.
My gut feeling is that you'll have more chance of getting on a flight with BA over Xmas thyen with GSM, this will be brought to a head today or tomorrow at the latest, put simply GSM will have to issue a press statement confirming its funding arrangements approved by the CAA or pull the shutter's down
Join Date: Sep 2003
Location: Scottish FIR
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Carnethy
TD has a personal fortune, that is true. If he were to put that money into the airline, he will assess the risk the same as any other business investment. If he doesn't feel it worth the risk, he wont invest, simple. That sends a powerful message to other potential investors. That's why he is the tenth richest man in Scotland.
The company goes from a loss of nearly £20m to a profit of nearly £2m in the space of a year. That is a staggering improvement in financial performance of £22m. Were there any exceptional write downs in that year that caused the loss, or any large debt that was recovered to produce the profit? I mean, to make such a recovery, and then we learn from the press that the company was an ace away from administration a month or so ago, and we now find the firm down to 48 hours notice to get it sorted.
Before anyone leaps on my back, no, I don't want to see the company go down the tubes, I wont enjoy seeing it if it does. It's just reality and nothing more than what is in the public domain.
TD has funds available that, if necessary, will be made available to the airline.
The company goes from a loss of nearly £20m to a profit of nearly £2m in the space of a year. That is a staggering improvement in financial performance of £22m. Were there any exceptional write downs in that year that caused the loss, or any large debt that was recovered to produce the profit? I mean, to make such a recovery, and then we learn from the press that the company was an ace away from administration a month or so ago, and we now find the firm down to 48 hours notice to get it sorted.
Before anyone leaps on my back, no, I don't want to see the company go down the tubes, I wont enjoy seeing it if it does. It's just reality and nothing more than what is in the public domain.
Join Date: Feb 2004
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Join Date: Oct 2004
Location: oop north
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Problem is the damage is now done, as soon as the public get a whiff of a dodgy airline there off and you cannot blame them, who in their right mind would now book next years holiday with GSM?
Only if the aircraft were Free of debt and cash is going into the business.
IF all that is happening is they are being sold and cash going to the bankers then no better off than was earlier.
IF all that is happening is they are being sold and cash going to the bankers then no better off than was earlier.
Join Date: Mar 2000
Location: U.K.
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Originally Posted by Racedo
Only if the aircraft were Free of debt and cash is going into the business.
IF all that is happening is they are being sold and cash going to the bankers then no better off than was earlier.
IF all that is happening is they are being sold and cash going to the bankers then no better off than was earlier.
That's why I'm wondering if this is a good thing or not.
Mind you, with the current aircraft market, they'd have probably got more if they'd sold Dalrymple's car...
Join Date: May 2004
Location: Balmullo,Scotland
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The 3x B737-600s were owned(not leased the 800s were leased) and debt free they were bought from SAS and subsequently resold at much the same as the purchase price this was last year and the price was a good one there was also a CFM56 engine sold to AAR again this was debt free, this is the reason that the books looked so good, as for TDs car not much equity in a skanky old Porsche but the reg. plate might be worth a bob or 2 if you have the appropriate initials
For the sake of clarity I was involved with the sale of all 3 of the 600s and the CFM56 I know the selling price of all and the A/C price was good but the engine less so due to poor EGT margin.
Mary, the 600s were not ever leased you are mistaken them with the 800s.
For the sake of clarity I was involved with the sale of all 3 of the 600s and the CFM56 I know the selling price of all and the A/C price was good but the engine less so due to poor EGT margin.
Mary, the 600s were not ever leased you are mistaken them with the 800s.
Join Date: Mar 2006
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Mat, I think Mary was referring to the 2x 737-300's that were returned at the end of lease.
The 737-600's were owned but you are incorrect saying they were debt free. They were mortgaged like your house and the accounts for last year show a substantial debt repayment along with the disposal of assests, this would have only been achieved by the sale of the aircraft and repayment of the mortgages.
I've got my fingers crossed for good news today or tomorrow along with the rest of my colleagues and friends. GSM has given my aviation career the best start and I hope I can continue working with the great people at GSM for many years to come.
The 737-600's were owned but you are incorrect saying they were debt free. They were mortgaged like your house and the accounts for last year show a substantial debt repayment along with the disposal of assests, this would have only been achieved by the sale of the aircraft and repayment of the mortgages.
I've got my fingers crossed for good news today or tomorrow along with the rest of my colleagues and friends. GSM has given my aviation career the best start and I hope I can continue working with the great people at GSM for many years to come.
Join Date: May 2004
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Ducati, when I was involved in the sale I can assure you at that time they were debt free this I know for sure what there standing was when I left GSM I can not vouch or substantiate over I only know what I put down earlier these facts were not from any debt repayment or books just at the title and ownership paper at the time it is of course possible that they were mortgaged after I left but if so how could substantial debt be repaid if there was little or no equity in them?
Join Date: Sep 2003
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Pilot Light. Interesting post. You joined in 2004 and yet make your first post today with links to two stories that are exactly one month old. Smoke screen? Or a fog bank hiding a huge rock from the cruise liner? Or am I just plain cynical?
Join Date: Sep 2003
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Matkat
Is that how the company turned the £19m loss into a just short of £2m profit?
The 3x B737-600s were owned(not leased the 800s were leased) and debt free they were bought from SAS and subsequently resold at much the same as the purchase price this was last year and the price was a good one ....
Join Date: Aug 2000
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spinnaker,
Is that how the company turned the £19m loss into a just short of £2m profit?
You don't seem to understand accounting, £19m loss to a £2m profit is not making £21m gross profit in a year, £2m is what they made last year, sales against costs for that year.
Is that how the company turned the £19m loss into a just short of £2m profit?
You don't seem to understand accounting, £19m loss to a £2m profit is not making £21m gross profit in a year, £2m is what they made last year, sales against costs for that year.
Join Date: Sep 2003
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touch&go
Thanks. I fully understand accounting practices. I never said anything whatsoever about £21m profit. Have another read of my post, maybe you misread it. I stated, and I quote: "into a just short of £2m profit"
Thanks. I fully understand accounting practices. I never said anything whatsoever about £21m profit. Have another read of my post, maybe you misread it. I stated, and I quote: "into a just short of £2m profit"
Join Date: Sep 2003
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spicejetter
Good question. To answer that, you would need to see detailed accounts of what went where and why. That's why I asked matkat the question, he seems knowledgeable about the facts.
Good question. To answer that, you would need to see detailed accounts of what went where and why. That's why I asked matkat the question, he seems knowledgeable about the facts.