ttglive.com
news Globespan payout delay Rob Gill.
COLLAPSED AIRLINE and tour operator Globespan is set to have its administration extended by 12 months as more time is needed to recover money for creditors. The Scottish company collapsed in December
A CUT ABOVE: Local school pupils who won a postcard competition cut the ribbon to open Midlands Co-op’s relocated shop in Erdington, Birmingham. Now based in a new supermarket, the shop has been renamed The Co-operative Travel.
BA stresses agent value via fam plan
BRITISH AIRWAYS has said agents are of “high importance” for its increasing number of leisure routes from Gatwick. BA has already run a series of agent fam trips to coincide with its first flights from Gatwick to Cancun, and the airline’s head of leisure sales, Simon Brooks, promised “many more” as capacity is increased on leisure routes from Gatwick. “We see the trade as integral to the success of this and are absolutely committed to it” Brooks told TTGon a Cancun fam trip this week. “On routes such as Cancun they are of high
importance. How they package it with the local hotels is important to us.” He added that the shift in Cancun’s accommo- dation portfolio towards a more upmarket mix meant the destination was now more suited to BA’s customer profile. “We have done our homework on this and we
are committed to the route and the surrounding region in the long term,” he said BA announced Cancun with four other new
leisure routes from Gatwick last summer: Sharm el Sheikh; Punta Cana in the Dominican Republic; the Maldives; and Montego Bay.
Cancun explosion: Five Canadian tourists and two hotel staff were killed in a gas explosion at the Grand Riviera Princess hotel in Playa del Carmen, near Cancun, on Sunday. The hotel is mainly used by Canadian tourists.
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2009, and administrator PricewaterhouseCoopers is now applying to a Scottish court to have its administration period extended until December 2011. PwC said it needed the extension to allow it to sell Globespan’s remaining assets. It is also still waiting to find out how much it will receive from failed credit card clearing company E-Clear, which owed Globespan £34 million. E-Clear is also in administration following a
High Court petition by PwC in January. In its latest report to creditors, PwC revealed that it had recouped ¤1.25 million from the sale of four hotels in Majorca owned by subsidiary company Creixen, and that a Globespan aircraft had been sold for £7.4 million.
Joint administrator Bruce Cartwright from
PwC said: “At this time, the administrators are unable to provide a reliable estimate of the likely dividend to creditors as there are material uncertainties regarding net realisations and the final level of creditor claims.” Cartwright reconfirmed that secured creditors
were expected to get all their money back, but said unsecured creditors, including staff, would get “no more than five pence in the pound”. The report also reveals that 500 former staff
have made legal claims against Globespan for failing to consult employees over being made redundant two days after the company went into administration. These claims, if successful, would amount to £3.9 million. Cartwright said PwC was “of the opinion that
there was a valid legal defence to these claims” and would defend them at the employment tribunal. Creditors can object in writing to the extended administration application until November 26.
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