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Globespan creditors face disappointing payout
Saturday, 26 Jul, 2010
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Holidaymakers and staff who lost out when Globespan collapsed last December look like facing a disappointing payout unless money can be salvaged from E-Clear.
Globespan’s administrators PriceWaterhouseCoopers, which reported to creditors this weekend, has said they could receive just five per cent of what they lost unless money can be recovered from failed credit card processing firm E-Clear.
Creditors, including around 8,000 customers and 650 former staff, are collectively owed £40 million. Due to the complexity of processing the claims they could wait up to two years for a final settlement.
E-Clear owed £35 million to Globespan and an estimated £65 million to other travel companies.
PwC has been selling Globespan’s assets. Those still to be sold include offices in Edinburgh and Glasgow, an aircraft and hotels in Majorca.
By Debbie Ward
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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