MyTravel has announced details of its proposed restructure and says it has achieved break even for the past year.
According to MyTravel it will break even for the 12-month period to the end of September.
The struggling operator, which has £800 million of debt, is meeting with its lenders today to discuss the company’s restructure.
MyTravel is proposing offering the company’s creditors £800 million worth of equity, which will see them take an 88% stake in the company. The creditors comprise a number of lending institutions .
The remaining equity will be owned by bond holders, with 8% and the current shareholders with 4%.
This proposal is being made to the creditors, bond holders, and shareholders of MyTravel today, who will make a decision on whether to accept it and a decision will be made by the end of the year.
Report by Ginny McGrath
