Scotland’s biggest airline, Globespan is said to be on the verge of securing a deal which could insure the budget carrier’s survival. Jersey based Halcyon Investments is supposedly ready to sign a deal with the airline which will be of enormous relief to both the companies employees and those who have bought tickets with Globespan.

However the company is still waiting to receive payment from credit card processors E-Clear and if those funds are not handed over then it will be very surprising if Globespan is not handed over to administrators. One of the country’s major accountancy firms has already been put on full alert and the Civil Aviation Authority is being given regular updates.

A spokesperson for Halcyon Investments has said that the investment for Globespan is already on the table and that it includes money that will ensure the company’s survival into the future. However another source has said that the situation has now become critical and that it is crunch time for the airline. The Edinburgh based carrier has been in operation since 1970 and employs around nine-hundred staff. It has more than ten aircraft in its fleet and flies passengers from Scottish airports to destinations like Orlando and Alicante.

If funding for the airline does not come through then it is likely that the carrier will follow in the footsteps of XL Leisure which folded last year as a result of the credit crunch. The airline’s owner, Tom Dalrymple remains positive that Halcyon will come through at the eleventh-hour.