01 September 2008

XL Group Struggles - day of reckoning is very soon

Britain's XL Group that includes several holiday concerns - has been operating in the shadows behind other groups happy to occupy a niche that was the traditional middle tier of Britain's Holiday market. However the consolidation at the top of the market and the global economic trends of a down market and high price of oil have not been kind.

The group last month canceled a number of long haul services on some of its older 767s to the Caribbean. Now it is in a fight for its life. Even the demise of Zoom wont help.

Urgent (read desperate) talks with its bankers are underway.

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