Flyglobespan insists funding injection is imminent

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Scottish-based operator Flyglobespan maintains that it is close concluding a major funding injection that will strengthen the business and enable it to expand.

Last month the airline's parent Globespan Group said it had secured funding, subject to regulatory approval, from Halcyon Investments. Halcyon is understood to be an investment vehicle controlled by E-Clear, a credit card payment processing business.

Globespan says it is "on the verge" of sealing the agreement with Halcyon, and a Flyglobespan spokesman says he saw documents on 11 December indicating that the deal would conclude today.

The agreement, adds the company, would include "upfront and future injection into the group to enable it to expand its airline amnd associated products and services".

While some reports have portrayed the situation as a funding crisis for the Edinburgh-based airline, by indicating that today was a critical deadline, the spokesman suggests that media have chosen to interpret the carrier's statement negatively, and says he is not aware of today's date being particularly significant.

Nobody at E-Clear's offices in London could be reached for comment.