New Start - Global Airlines
Now Global has just released another insta post about how it has struck a 'strategic partnership' with Orrick LLP. In its post, Global states that Orrick 'is the most active venture capital firm in Europe.'
However, a quick glance at Orrick's website shows it is a law firm and does not appear to directly provide venture capital or any debt or equity financing. Rather it might help a client approach sources of funding and advise on deal structure.
This appears to be another first for Global. I have never seen a company trumpet the fact that it has commissioned a law firm or a corporate finance advisory firm in the press/social media. Most companies only make an announcement when they have successfully secured an investor and a deal is agreed in principle.
Anyway...Good luck to Edward Dyson at Orrick. I hope he has demanded a hefty retainer!
Also, I am not sure why Global is touting Orrick's venture capitalist (VC) credentials. VCs typically invest small amounts - say between under USD1m to maybe USD30m.
USD30m won't go far if one can't fill one or more A380s each day. I think Global needs much bigger backers than some VCs.
Perhaps KKR, Texas Pacific, Apollo or Carlyle Group could jump in on this enticing deal opportunity!?
However, a quick glance at Orrick's website shows it is a law firm and does not appear to directly provide venture capital or any debt or equity financing. Rather it might help a client approach sources of funding and advise on deal structure.
This appears to be another first for Global. I have never seen a company trumpet the fact that it has commissioned a law firm or a corporate finance advisory firm in the press/social media. Most companies only make an announcement when they have successfully secured an investor and a deal is agreed in principle.
Anyway...Good luck to Edward Dyson at Orrick. I hope he has demanded a hefty retainer!
Also, I am not sure why Global is touting Orrick's venture capitalist (VC) credentials. VCs typically invest small amounts - say between under USD1m to maybe USD30m.
USD30m won't go far if one can't fill one or more A380s each day. I think Global needs much bigger backers than some VCs.
Perhaps KKR, Texas Pacific, Apollo or Carlyle Group could jump in on this enticing deal opportunity!?
Last edited by lighterthief; 19th Jun 2024 at 11:32.
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Global Airlines Ltd has an additional director, a Mr Uttamchandanim, appointed in May. That is the company that was still dormant at the end of 2022. He is one of the 100+ investors in Holiday Swap Group Ltd.
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Having not looked at Global's entry before I see that it's incorporated under "Agents involved in the sale of machinery, industrial equipment, ships and aircraft". Does the CAA take the stated nature of business into account when undertaking licencing considerations? Obviously it's a fairly easy change to make - but still more than a little unusual for a company purporting to function as an airline.
Not sure about in the UK but in some jurisdictions failure to accurately register a company under its main area of business can certainly impede licensing procedures.
Private military companies and manned guarding firms can certainly encounter problems if not registered as security companies... I imagine airlines can also encounter these issues...
Private military companies and manned guarding firms can certainly encounter problems if not registered as security companies... I imagine airlines can also encounter these issues...
I read into the insta post as oh crikey we’ve got no one wanting to invest anymore quick go find some cash to move the oil burning behemoth from prestwick as it needs a ton of money to fix into anything viable or we’re swirling down the drain
the wording of the article in flight this week says it all
the wording of the article in flight this week says it all
Last edited by sangiovese.; 19th Jun 2024 at 12:56. Reason: Added comments
Not sure about in the UK but in some jurisdictions failure to accurately register a company under its main area of business can certainly impede licensing procedures.
Private military companies and manned guarding firms can certainly encounter problems if not registered as security companies... I imagine airlines can also encounter these issues...
Private military companies and manned guarding firms can certainly encounter problems if not registered as security companies... I imagine airlines can also encounter these issues...
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Prospective UK long-haul start-up Global Airlines appears to have pushed back initial flights at least until next year. The would-be airline recently obtained its initial Airbus A380, which was flown from California to Scotland at the end of April. Global Airlines is aiming to refit the aircraft and carry out essential maintenance to prepare it for service. The carrier has indicated that it wants to serve US destinations including New York and Los Angeles.
But while its start-up outline had originally featured first flights in spring or summer 2024, the company appears to have shifted them to 2025. It says the aircraft, located at Glasgow Prestwick, has started having the Global Airlines livery applied, while plans for interior refurbishment are “progressing”. “The next stage of maintenance is due to commence in the coming weeks that will take the airline a step closer towards launching passenger flights next year,” it adds. The company intends to build a fleet of A380s and is working with Portuguese wet-lease specialist Hi Fly – itself a former A380 user – on the operational side.
Global Airlines says it has formed a partnership with a technology-focused law firm – Orrick, Herrington & Sutcliffe – to advise and offer support for its investment and capital-raising strategies.It states that it is “preparing for its next phase of growth” which will include hiring for senior roles, investing in returning its first A380 to service, and “advancing plans” to acquire additional aircraft.“Since our flight across the Atlantic, appetite from large funds and institutional investors has never been higher,” claims Global Airlines founder James Asquith.
But while its start-up outline had originally featured first flights in spring or summer 2024, the company appears to have shifted them to 2025. It says the aircraft, located at Glasgow Prestwick, has started having the Global Airlines livery applied, while plans for interior refurbishment are “progressing”. “The next stage of maintenance is due to commence in the coming weeks that will take the airline a step closer towards launching passenger flights next year,” it adds. The company intends to build a fleet of A380s and is working with Portuguese wet-lease specialist Hi Fly – itself a former A380 user – on the operational side.
Global Airlines says it has formed a partnership with a technology-focused law firm – Orrick, Herrington & Sutcliffe – to advise and offer support for its investment and capital-raising strategies.It states that it is “preparing for its next phase of growth” which will include hiring for senior roles, investing in returning its first A380 to service, and “advancing plans” to acquire additional aircraft.“Since our flight across the Atlantic, appetite from large funds and institutional investors has never been higher,” claims Global Airlines founder James Asquith.
It looks like they flew F LHR-SFO on a BA A380 and then SFO-HNL on an HA B787.
I imagine they had to pay for it somehow - as it would be all over instagram if Global had struck any interline agreements for industry discount travel!
It is in those Story circles...
I imagine they had to pay for it somehow - as it would be all over instagram if Global had struck any interline agreements for industry discount travel!
It is in those Story circles...
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Rumours HIFLY are close to getting their UK AOC via the Jet Exchange purchase so will this be used via an agreement or a sale to Global? (the latter, like the agreement they had with POP) Is this is the door to commence flying or will they go it completely alone in which it will be an 18 month to 2 year process WITHOUT the licence to sell tickets ex the USA.
Paxing All Over The World
Flight Global
Devastating news ...
UK start-up Global indicates first flights pushed to 2025 as work on A380 progresses
Last edited by PAXboy; 23rd Jun 2024 at 18:09.
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What 'work'? Any signs of anyone turning a spanner on it at PIK?
