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MyTravel gets green light
MyTravel has avoided a court battle after reaching an agreement with bondholders over the proposed 800m debt-for-equity swap.
Bondholders agreed to drop the case after MyTravel revised some parts of the restructuring deal.
The new deal means bondholders will receive 8% of the issued share capital of the company following the restructuring, they will be entitled to receive interest on their bonds that has accrued up to August 25 2004, paid on completion of restructuring, and MyTravel has agreed to pay the committee of bondholders’ legal costs.
A spokesman for the bondholders said: “The Committee decided to support the consensual restructuring following MyTravel’s decision that it would no longer seek a ruling on whether the bondholders have an economic interest in MyTravel. The bondholders have always been open to a consensual deal, and are pleased that their issues with the company have now been resolved.”
MyTravel had been braced for a court battle this week that would have forced through the £800m debt-for-equity swap without bondholders’ consent.
Following the agreement with the committee of bondholders all that is needed now is for MyTravel to get confirmation from the banks and other financial institutions participating in the restructuring and agreement from other bondholders that they are happy with the revised proposals.
A spokesman for MyTravel said: “We are pleased that we have been able to reach this agreement with the last remaining creditor group of the company. The restructuring is nearing completion and will provide a sound foundation for the future of the Group.”
Report by Ginny McGrath
Ginny McGrath
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