FlyGlobespan (merged threads)

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#729887 by Sealink
15 Nov 2009, 17:57
Oh dear.

It's believed that Globespan's latest travails were sparked by a delay in receiving payments from E-Clear, the credit card processing company.
Makes you wonder just how fragile airlines are at the moment, or how much money there were waiting for, and why E-Clear delayed it...

#729896 by pjh
15 Nov 2009, 20:08
Interesting articles here and here.

Paul

#729902 by Bill S
15 Nov 2009, 21:02
It's getting to that time of year again.

Travel companies under pressure from all sides with oil futurestrend upwards.

Atol costs doubling

quote:Its like a self-fulfilling prophecy. There is a danger of panic setting in, similar to what happened in the banking industry

..not just credit insurance companies that are twitchy. Bond issuers also worry the full impact of the credit crunch has yet to unfold..

..insurers had recently started placing stricter terms and higher rates on start-ups and companies renewing their Atols.
Established companies are being charged 4-5% of the value of an Atol bond, compared with 2-2.5% a year ago..

..merchant facility bonds, which protect credit card payments, have all but dried up, ... credit card firms are now delaying payments to agencies by up to 21 days after a purchase..

The smaller companies are going to struggle even more.

#732085 by Fred
16 Dec 2009, 18:55
Link




[font size='1][Edit: mitchja - to tidy URL][/font id='size1]

#732081 by slinky09
16 Dec 2009, 19:02
Sadly, now placed into administration according to the BBC.

#732082 by sixdownkeepsafedepth
16 Dec 2009, 19:05
Confirmed on the BBC news here in Scotland. My sympathy goes out to the employees of the company and also passengers booked to travel over the Christmas period.

Regards
Bryan

#732087 by Sealink
16 Dec 2009, 20:31
You'd hardly know from their website... how sad that a company that announced a profit this year should be brought down by events seemingly outside its control. (If the e-Clear stories are to be believed).

#732088 by AlanA
16 Dec 2009, 20:41
quote:Originally posted by Scrooge
quote:Originally posted by Sealink
FlyGlobespan have until Thursday


Don't they run the link between the UK and the Falklands as well ?

yes, do most of the MOD flights

#732092 by V1
16 Dec 2009, 21:57
Just heard on BBC news that FlyGlobespan has gone into administration.
Another one bites the dust!
How awful for those with flights booked for Christmas well anytime really not only Christmas. I hope anyone affected can get their money back ASAP.

#732093 by honey lamb
16 Dec 2009, 22:03
Topic merged once more

#732594 by DarkAuror
23 Dec 2009, 15:59
quote:Originally posted by Darren Wheeler
http://newsvote.bbc.co.uk/1/hi/scotland/8428061.stm

E-Clear claim Not Guilty.

A bit worrying that they see nothing wrong in submitting their end-of-year results late for the last 3 years.


Disneyworld Swindon's football team under a previous regime submitted their end-of-year results late for 5 years. When the new owners took over just over 18 months ago they found so many debts it was amazing that the club survived.

So Allbury Travel going bust was 'strategic'.[:?]

#732596 by Bill S
23 Dec 2009, 16:43
quote: E-Clear stands in when a company is in severe trouble. It enables them to trade for a longer period of time.
Stay away from E-Clear clients!

They included: XL leisure, Zoom Airlines, Allbury, Flyglobespan, Totally Travel

Hope VS are staying well Clear.

#732597 by tontybear
23 Dec 2009, 17:02
quote:Originally posted by Bill S
quote: E-Clear stands in when a company is in severe trouble. It enables them to trade for a longer period of time.
Stay away from E-Clear clients!


The problem is how do you find out who processes cards for a particular company?. I would guess 99.999% of people booking a holiday with Globespan etc would have thought that Globespan had their money as soon as they had booked and their cards were charged.

#733411 by Bill S
05 Jan 2010, 12:42
What goes around........

#734307 by Bill S
13 Jan 2010, 15:29
Show the cash by Friday.

E-Clear has been given a Friday deadline over the 35 million.

The High Court in London yesterday decided to adjourn a case brought by PricewaterhouseCoopers against E-Clear until January 19.

But it enforced a requirement for E-clear to submit evidence that it holds the funds to the court by midday on Friday.

E-Clear informed it should not dispose of assets during that time.

Things coming to a head here.

#734308 by iforres1
13 Jan 2010, 15:39
Oh and if anybody wants to know where they stashed the planes, 5 of them are parked up in Belgrade[;)]

Iain

#734342 by Denzil
13 Jan 2010, 20:30
The aircraft in Belgrade all taken there by the leasing company.
Virgin Atlantic
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