The budget carrier based in Scotland, FlyGlobeSpan.com, is facing an uncertain future as money troubles threaten to take another airline to the point of no-return. The first sign of problems were around four weeks ago when it was learned that the firm was going to call in administrators. That was put on hold when they had received word that the airline had gained a new financial backer.

For the past four weeks the airline has been struggling along with payments and getting through this awkward stage. The investment package is all still well and alive, but the money has yet to be passed as the deal has to be approved by regulators, which is taking some time.

Halcyon Investments, who are controlled by the online credit card company E-Clear, are the firm behind the mega money saving of the airline and the deal could be wrapped up very soon. It will not come soon enough for the 600 staff and customers of the airline. Travellers that have booked a package holiday with the firm will be covered by ATOL should the investment plan fail, but for those that are just taking advantage of budget air travel, they could be left stranded abroad.

If the airline does go into administration they will be just the latest in a long line of world companies that have struggled since the recession took hold of the airline industry. XL, which was the third largest UK operator, went bust late last year, and British Airways have not had a good year.