FlyGlobeSpan - 8 (merged)
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Globespan on the brink?
The Sunday Independent:-
Flyglobespan, Scotland's biggest airline, is believed to have staved off collapse with a last-ditch cash injection on Friday evening. Administrators were lined up to handle the airline's collapse but directors at Globespan Group managed to secure new funding at the 11th hour. But it is not known whether the additional cash has secured the long-term future of the airline.
It's shocking to find out you (may) have lost your job through the internet rather than communication from management.
Flyglobespan, Scotland's biggest airline, is believed to have staved off collapse with a last-ditch cash injection on Friday evening. Administrators were lined up to handle the airline's collapse but directors at Globespan Group managed to secure new funding at the 11th hour. But it is not known whether the additional cash has secured the long-term future of the airline.
It's shocking to find out you (may) have lost your job through the internet rather than communication from management.
Join Date: Dec 1999
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When it comes to newspapers I do not believe everything I read.
This is another case in question.
What happended, was the jurno refused a free drink ????
I for one bet the GSM will stay around.
Very best wishes to all at Colinton.
This is another case in question.
What happended, was the jurno refused a free drink ????
I for one bet the GSM will stay around.
Very best wishes to all at Colinton.
Join Date: May 2004
Location: Balmullo,Scotland
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There now seems to be a trend into believing the journo is wrong but what if he is right? I sincerly hope not but for the record I am also no journo fan or for that matter a GSM one either, as some of you will know/remember I worked for GSM for around 15 months I have no axe to grind I had a great time there and wish the company well, I could not care less aboud TD or RG but do care greatly about the people that work for them being some of the best people I have worked with in over 30 years in the industry.
Good luck to all.
Good luck to all.
Join Date: Jul 2001
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What's happening @ Globespan?
Very interesting article about Globespan:
Last-gasp cash keeps airline flying – for now - Business News, Business - The Independent
Last-gasp cash keeps airline flying – for now - Business News, Business - The Independent
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IN&M faces having to sell off non-core assets to escape banks' clutches
The Independent is on its last legs - likley that Simon Evans trying to embellish his own CV given that he will be on the dole soon. Simon Evans could write the same article about any airline
See the follwing article :
IN&M faces having to sell off non-core assets to escape banks' clutches
IN&M faces having to sell off non-core assets to escape banks' clutches - The Irish Times - Mon, Nov 16, 2009
See the follwing article :
IN&M faces having to sell off non-core assets to escape banks' clutches
IN&M faces having to sell off non-core assets to escape banks' clutches - The Irish Times - Mon, Nov 16, 2009
Join Date: Jun 2008
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Last edited by TWADDELL; 16th Nov 2009 at 14:40.
Join Date: Feb 2005
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GSM Growth & Future
The Independent report was complete rubbish.
GSM have issued a statement to Glasgow Herald confirming that it did not have to have a 'last-ditch' funding and there were no administrators. All a load of false statements and assumptions. This journalist should be forced to retract this article. GSMs legal team I'm sure will have something winging it's way to The Independent today.
On the positive side, GSM have been approached by a number of investors who want to invest in GSM. They have been in negotiations and have picked Halcyon Investments to grow the airline and have it continue to prosper.
GSM will be around for many years to come and can only get stronger with increased ACMI work and a good Summer 10 programme tailored to the demand expected for S10.
GSM have issued a statement to Glasgow Herald confirming that it did not have to have a 'last-ditch' funding and there were no administrators. All a load of false statements and assumptions. This journalist should be forced to retract this article. GSMs legal team I'm sure will have something winging it's way to The Independent today.
On the positive side, GSM have been approached by a number of investors who want to invest in GSM. They have been in negotiations and have picked Halcyon Investments to grow the airline and have it continue to prosper.
GSM will be around for many years to come and can only get stronger with increased ACMI work and a good Summer 10 programme tailored to the demand expected for S10.
Join Date: Nov 2004
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Yeah thats what i said Flyglobespan made a profit and BA made a loss therefore GSM made more profit than BA.This seems to be more of a mudslinging exercise trying to undermine a healthy airline which has lucrative MOD work and is operating some the Scotttish summer 2010 charters for one of the large travel companies.
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Interesting quote in the article linked to post #3 which states that E clear are in a "strong financial position".
Well of course they are
if all they do is take the cash off the clients and then take their time passing it on to the airline.
Parasites like this are probably at least partially responsible for the collapse of many companies, who have the plug pulled on them by the other bunch of parasites (the banks) who lose patience when the cash doesn't arrive in the account on time.
The "financial institutions" have a lot to answer for when it comes to collapses of otherwise perfectly solvent companies.
Spoken as a bitter ex Gill employee.
Well of course they are
if all they do is take the cash off the clients and then take their time passing it on to the airline.Parasites like this are probably at least partially responsible for the collapse of many companies, who have the plug pulled on them by the other bunch of parasites (the banks) who lose patience when the cash doesn't arrive in the account on time.
The "financial institutions" have a lot to answer for when it comes to collapses of otherwise perfectly solvent companies.
Spoken as a bitter ex Gill employee.
Last edited by captplaystation; 16th Nov 2009 at 10:51.
What is it with this country that folk like so see people out of a job and gloating at the prospect? GSM are fine and latest set of accounts show a profit.
Pollypeck / Enron etc etc reported profits up until they went bust.
Couldonlyaffordafiver
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Airlines require a large amount of working capital to function without having to pay creditors (fuel, etc.) upfront. A company the size of BA needs a minimum of around £1.5bn in this respect.
GSM is obviously smaller so will need less but the fact remains that it needs a certain amount or it's in trouble. I think that amount is what is being questioned here.
GSM is obviously smaller so will need less but the fact remains that it needs a certain amount or it's in trouble. I think that amount is what is being questioned here.
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The damage has been done by the Independant already, mucking about with things like thread titles on here are utterly meaningless.
I hope this is all nonsense, but we have all heard this sort of thing before and this is invariably a hard time of year for charter airlines.
Fingers crossed that this is nothing but shocking journalism, but I'll reserve any opinion for a couple of months.
I hope this is all nonsense, but we have all heard this sort of thing before and this is invariably a hard time of year for charter airlines.
Fingers crossed that this is nothing but shocking journalism, but I'll reserve any opinion for a couple of months.
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Definitely false information regarding GSMs future.
Board have announced exciting news about an investor coming onboard in order to grow the company to the next level.
Report in the Herald:
We didn?t need cash lifeline, says airline - Herald Scotland | News | Transport & Environment
GSM have plenty of cash and now a major investor to help them grow in future years to take the airline to the next level.
Board have announced exciting news about an investor coming onboard in order to grow the company to the next level.
Report in the Herald:
We didn?t need cash lifeline, says airline - Herald Scotland | News | Transport & Environment
GSM have plenty of cash and now a major investor to help them grow in future years to take the airline to the next level.
Join Date: Dec 1999
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It may seem distasteful to discuss any potential company collapse, but free speech and opinions still exist.
An 11th hour new investor, which allowed the airline to continue operating, seems very much to be an example of an airline that almost went over the brink.
As HF rightly says, financing and liquidity requirements are high in the business, and profits do not necessarily relate to cashflows.
More information and discussion help to reveal the truth in such a situation, not mudslinging and attempts to close down valid conversation...
Valid discussion is not likely in itself to cause an airline to fall into bankruptcy, in the absence of any underlying business deficiency.
An 11th hour new investor, which allowed the airline to continue operating, seems very much to be an example of an airline that almost went over the brink.
As HF rightly says, financing and liquidity requirements are high in the business, and profits do not necessarily relate to cashflows.
More information and discussion help to reveal the truth in such a situation, not mudslinging and attempts to close down valid conversation...
Valid discussion is not likely in itself to cause an airline to fall into bankruptcy, in the absence of any underlying business deficiency.