December 20, 2004

MyTravel saved: for now

by brian_turner

Former Airtours company, MyTravel, has reached an agreement with Shareholders who had been about to bring the company before an appearance at the High Court.

MyTravel suffered from a failed expansion big left them reeling with losses of over ’190 million. Bondholders were owed over ’200 million, and had tried to court court action to reclaim their monies.

However, fears that a court order would leave them with far less equity than the company was offering bondholders means that an agreement was erached on restructuring the cmopany, hours before the due court appearance.

It remains to be seen whether the restructred company will be strong enough to survive an already fiercely competitive market.

More information: MyTravel secures debt rescue deal

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