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MyTravel creditors to take controlling stake
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
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