PwC appointed Globespan Group administrator

17/12/2009 PwC appointed Globespan Group administrator

PricewaterhouseCoopers (PwC) has been appointed as administrator to Scottish travel company the Globespan Group.

The travel firm was placed into administration yesterday (December 16th) and its airline Flyglobespan followed suit today.

Graham Frost, Bruce Cartwright and Ian Oakley-Smith of the audit jobs provider will jointly oversee the process and Mr Cartwright, who is head of business recovery services at PwC in Scotland, said that attempts to boost liquidity in the travel group had failed.

"The directors have therefore concluded with regret that the business can no longer continue to operate," he explained.

As a result, all flights have been grounded, meaning around 5,000 people who had been expecting to travel in the coming days will have to make alternative arrangements or remain at home.

Approximately 800 jobs are under threat at the group, which has ten aircraft in its fleet.

A number of other carriers are offering passengers that have been stranded as a result of the collapse discounts on fares so that they can travel home.

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