A High Court judge will today make a decision in the long-running MyTravel rescue plan case.
As reported, the company is planning a major restructuring of its £800 million debts that it says is necessary to guarantee its survival.
The firm has offered bondholders an eight per cent stake in the restructured company – an offer that has been rejected.
But when the bondholders rejected the offer, MyTravel reportedly said it would employ a “scheme of arrangement” to get its way.
The bondholders’ lawyers are reportedly claiming that the company has no right to use these tactics, while MyTravel is arguing that it has to restructure the company if it is to survive.
Report by Tim Gillett, News From Abroad Ltd
