14-Dec-2009 1:17 PM

Flyglobespan denies reports it is close to collapse; concluding major funding deal

Flyglobespan denied reports that it is on the "cusp of collapse", with Founder and Chairman, Tom Dalrymple, stating the company was on the verge of concluding a major funding deal with Halcyon Investments (The Scotsman, 13-Dec-2009). The Edinburgh-based carrier has not disclosed the size of the deal, but stated the cash would allow the firm to "prosper and grow". However, the airline has yet to receive the funds by Halcyon (reportedly the investment vehicle controlled by E-Clear), as it is still waiting for "regulatory approval" for the transaction (The Guardian/Reuters, 13/14-Dec-2009).

Flyglobespan: "Halcyon has negotiated an investment package that includes up-front and future injections into the group, which will enable it to expand its airline and associated products and services," spokesman. Source: The Scotsman, 13-Dec-2009.

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