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Airline rejects talk of collapse Airline says finance talks go on
(about 8 hours later)
Scotland's largest airline, Flyglobespan, has denied it is on the brink of collapse. Scotland's largest airline, Edinburgh-based Flyglobespan, has denied it is on the brink of collapse.
Instead, the company, based in Edinburgh, said it was on the verge of concluding a major funding package from Halcyon Investments Ltd. Instead, the company issued a statement on Monday evening, saying talks about a major funding package from Halcyon Investments Ltd were continuing.
Flyglobespan said the investment package was subject to regulatory approval but was about to be finalised.Flyglobespan said the investment package was subject to regulatory approval but was about to be finalised.
The deal, said the group, would allow it to expand its airline and associated products and services.The deal, said the group, would allow it to expand its airline and associated products and services.
A statement from the airline said: "The company looks forward to the Halcyon investment strengthening Flyglobespan's already dominant position in the Scottish travel market and growing the brand." A statement from the airline said: "Globespan confirmed that their proposed investment from Halcyon is still in progress and both parties are committed to reaching a positive outcome.
The group's chief executive chairman Tom Dalrymple said: "This is good news for the company, our customers and our staff." "We expect that the Halcyon Investment into the Globespan Group will be finalised following regulatory approval.
"Both parties are keen to bring this to a successful conclusion and are totally focussed on making that happen."
Earlier this year, Flyglobespan announced it had made an operating profit of £1.2m following a loss of £19m the previous year.Earlier this year, Flyglobespan announced it had made an operating profit of £1.2m following a loss of £19m the previous year.
Set up in 2002, the company operates from five UK airports, including Glasgow, Edinburgh and Aberdeen.Set up in 2002, the company operates from five UK airports, including Glasgow, Edinburgh and Aberdeen.
Earlier this year, it pulled its services out of the Durham Tess Valley airport, blaming the worsening economic climate.Earlier this year, it pulled its services out of the Durham Tess Valley airport, blaming the worsening economic climate.
The company flies to various European holiday destinations such as Spain, Portugal and Turkey as well as further afield to Egypt and Florida.The company flies to various European holiday destinations such as Spain, Portugal and Turkey as well as further afield to Egypt and Florida.