UK. Flyglobespan, Scotland’s largest airline, has ceased trading after its parent company Globespan went into administration on Wednesday 16 December.
The airline cancelled all flights, leaving around 4,500 passengers stranded in holiday destinations across southern Europe and Egypt. The carrier employed 800 staff.
The company went into administration after attempts to secure a financing deal with Jersey-based Halcyon Investments broke down.
The joint administrators, from PriceWaterhouseCoopers, said in a statement: “The companies entered into administration having suffered liquidity issues. Unfortunately, the joint administrators have been unable to continue trading the companies and therefore all flights operated by The Globespan Group plc or Globespan Airlines Ltd have been cancelled and the aircraft grounded.”
Flyglobespan handled 1.5 million passengers in 2008 and operated 12,000 flights.
