From the Cyprus Mail thisevening...
 

"A CYPRIOT controlled financial services firm is poised to bail out a Scottish budget airline and package holiday company in a deal that could in turn boost Cyprus’ ailing tourist industry.
Halcyon Investment Corporation, which is controlled by the Cypriot credit card procession firm E-Clear, is negotiating a deal with Scottish Airline Flyglobespan.com to generate both upfront and future investments.
Globespan has denied reports that it is on the brink of collapse. However some British media have speculated that without Halcyon’s investment, the holiday firm will go into administration.
The Independent on Sunday reports that one of the big-four accountancy firms is on standby and the Civil Aviation Authority (CAA) is keeping a close eye on the progress of the deal.
The deal was due to be concluded on Tuesday, but was granted a 48-hour extension by the CAA to finalise the deal, with the outcome expected this afternoon.
The outcome could have real implications for Cypriot tourism. Crawford Blaikin, Spokesman for Globespan, said yesterday “At the moment, Globespan flies from Scotland to Paphos throughout the year. In winter two planes per week fly from Glasgow and Edinburgh and in summer another route operates from Aberdeen.”
“I can’t speculate on any possible extensions, however” he added.
The Boeing 757’s that make the trips carry up to 180 people, which means the collapse of Globespan could spell the loss of several thousand Scottish tourists to Cyprus next year.
Globespan chairman Tom Dalrymple said: “This (deal) is good news for the company, our customers and our staff” and that it could “expand its airline and associated products and services”
Flyglobespan is a subsidiary of Globespan Group was founded in 1970, has 900 staff and operates a fleet of more than 10 aircraft
The company is not alone in facing speculation over its financial status. E-clear is currently six weeks late in filing its accounts at Companies House and they were hit hard by the collapse of other airlines such as XL and Zoom Airlines.
E-Clear’s marketing and communications director, Constantine Seraphim said last week
“We went through this last year and we’ve cleared the situation. We are in a strong position ... Airlines have gone down but our position is really not weakened. We are just assessing our risk like any other bank or financial institution is. We are assessing the risk and we move on.”

Slow connection downroute, sorry if this has already been mentioned. Looks like E-Clear may have some explaining to do...

Anyhows, good luck in the jobhunting to all GSM crew - amongst the others...

500

TRSS has been banned but asked me to post this.

He has been in touch with the Head of Recruitment at Ryanair and applications from GSM Captains are very welcome.

The full details of the experience requirements are on the website.

At the moment no applications are being processed for SFOs or FOs, but, the word from the horse's mouth is keep checking the website as things change day to day.

He wishes you all the best in your search for another job.

So Sorry For You All!
 

The sad news of Globespan's demise puts our own disputes with management in the shade! I would rather have crappy conditions and still have a job. I think many of my crew colleagues don't feel this way because they have never experienced what being out of work is like - I lost my job three times when the "Iron Battleaxe" was Prime Minister and I would never wish that on anyone.

Good Luck to you all at Globspan - I'm just so sorry BA has a recruitment freeze and the aviation industry is in such a mess.

Is there a fund being set up to help wish our Globespan friends a bit of Christmas cheer and help cushion the blow for our " colleagues in airmanship"? Mrs Bealine and I can't afford much, but we would certainly put a few quid into a PayPal account if someone would get one going!

Come on Ppruners - Let's Get Something Going!

Cash is King
 

The simple truth in this game is that airlines spend the money they take today (for next years travel) on paying this weeks bills. Always has been so and ever will be.

Loss making airlines stay in business simply because they still have cash to pay people. They are not broke today, only in the future, if they cant carry people then who paid today, if you follow me....

They will of course because then they will use someone elses advance cash to pay for those bills...

The crisis comes when the cash stops flowing from the card people and suddenly there is no advance money to meet current debts.

Curiously, the US charter scene operates in much the same way this credit card company has operated and companies are denied access to cash until the pax have returned. They have got used to the scheme and work with that expectation in mind but when it is suddenly imposed on a business that was not expecting it, there is no way out.

As with everything else in this life recently it's the bankers and the money men who have shagged the rest of us and they didnt even stop to kiss us in the process!

smell a rat ?
 

Hmmmmmm..... putting this:

together with this (from the Guardian online):

does make one wonder......

Hoping to not break the rules of PPRuNe Towers, but in these times of sadness and depression, and jobless individuals, I may be able to help.

Ops Controller vacancy, non airline, mostly GA, Essex based.

PM me for info.

:ok:

Moderators
 

What was Slim banned for? Or are you allowed to divulge?

Very disappointing...
 

Like a few other of the users on here I too was in at the start working closely with all the directors even handling the first few cabin crew job applications and dotting the i's of the first finance lease. I don't see any point in hiding that I was in charge of the airlines finances from inception to launch and for a few months after launch and worked closely with all departments - there weren't many employees at the time so I can guess who a few people on the forum are. Hello I hope you are all well.

TD is a passionate person who I admired for his drive and ambition however his stubborn refusal to listen to anyone during this period resulted in a number of decisions which were ridiculous. I left as he was impossible to work for which was a shame as the people there were great.

He seemed to find it difficult to take any advice and let's not even mention his sidekick during this period who was a waste of space. If he had a better sounding board the Flyglobespan may still be here today.

I'm not going to get dragged into the legalities surrounding cgr and the AOC - which flyglobespan had to reactivate - I know the full details of what happened as I was in several of the key meetings with the CAA but some people need to move on. I'm not saying what happened was right or wrong just that it is in the past and I suppose what has happened may give you closure.

JF, KN and DH were old school but they were all fully dedicated to Flyglobespan. They were also good to work with and were certainly not shy of work.

My overall feelings tonight are sadness for the airline and its excellent staff and confusion as to how this could happen. Unfortunately this is TD's second airline that has collapsed and I think his goose is now cooked. I'm assuming the banks simply said no more.

G/A F15

He gets band from every thread at some point!

Has the Hajj 767 returned?

Farewell FGS
 

It is sad that small enjoyable airlines like FGS have to go in this way. I worked for them for a while as a contractor and was let go with the rest of us at the end of October.
I was very happy there and sad to leave. Made some friends and all the staff were very good to me.
So farewell guys and girls and good luck to you all:ok:

Very sorry to here of Globespans demise, I have some good mates there and I wish you all the very best of luck :ok:

Sorry to hear the news for all those who have lost out. Wishing all of you best wishes and hoping 2010 is a better year for all of you.

GSM crews are still returning to the UK.
4 flew back to EDI on bmi last night.
I would never wish that on anyone. They where in uniform still. Not sure what they had brought into LHR or had paxed in.
Good luck to all at GSM.

I hope Unite well get it into their heads that airlines are not cash cows and dont have bottemless bank accouts cos we dont. Every UK could go bust if it runs into trouble and GSM is the lastest sad loss.
There is no Chapter 11 here!

Could someone with contact details for Globespan Flight Ops Management please PM me?

e-clear
 

Two threads going, so I'll post a link to my other post about e-clear.

My sympathy for all of you at Globespan.
When Skyeurope started to have problems last September(15 months ago),the crews did all their best to help out the airline,most gave up to a month salary concession while Eclear was holding back our money....
I decide to stay till the end just because the company gave me my first job in Europe and I just loved that airline and all its employees..
Eclear didnt send the money on time and only a portion of it(20 000EUR) they agreed to send on the day... Vienna airport deadline passed and the airport management stopped our operation which lead to our newly found investors apparently to back off and all to lose their jobs..

Fortunately,I secured a job 3 weeks later, however my total salary backlog over those 15 months amounted to 45 000 EUR without having added perdiems/expense claims...
So then i wished Mr SLIM ryan air offered me 100sterling..NOT! ryan feminine staff (you may know who im refering to)came TO OUR OFFICES(ground floor of our building)to tell us about ryan air.It still makes me sick.
Anyways...if you are a CAPTAIN and have 500 hours + on NG send me a pm and ill get you an interview in SE Asia for a great package.
Other airlines are hiring such as PEGASUS,JET AIRWAYS,JADE CARGO(second captain)....

Good luck to all of you...time to go where the sun shines:ok:

Itsasmallworld - when you say "Unfortunately this is TD's second airline that has collapsed"....which was the first? He's kept that one verrrrrrrry quiet.

dontdoit

I believe it was Excalibur

I can confirm it was EXC! TD closed us down a day before pay day!

Best wishes to all at GSM, but this industry is one step nearer to a 'nicer' place without businessmen like Dalrymple! Good riddence!