Flyglobespan goes into administration
Scotland's biggest airline, Flyglobespan, has been placed in administration.
Last year the airline, which employs 600 staff, carried more than 1.5m passengers and operated 12,000 flights.
A statement is expected soon from PricewaterhouseCoopers, (PWC) which has been appointed as administrator.
The move followed attempts to find a new investor for the Edinburgh-based airline which finally broke down earlier today.
A statement from the company said it could not conclude a deal with Jersey-based Halcyon Investments without regulatory approval.
On the Flyglobespan website its Christmas and New Year schedule shows flights to Tenerife and many other winter holiday destinations from Edinburgh, Glasgow and Aberdeen.
Ryanair has said it will launch a Flyglobespan "rescue" fare to and from Edinburgh and Prestwick airports for any passengers affected.
The Ryanair offer applies to flights into and out of Prestwick to Alicante, Faro, Gran Canaria, Lanzarote, Malaga, Palma and Tenerife, and into and out of Edinburgh to Alicante, Gran Canaria, Lanzarote, Malaga and Tenerife.
(BBC)