United Kingdom
United States
Asia Pacific
MyTravel hails “milestone” court decision
MyTravel hopes to complete a restructure by the end of the year after winning High Court support for a controversial restructuring which had been opposed by bondholders.
The decision was delayed due to a technicality but a judge later approved the company’s rescue plan.
MyTravel said it welcomed the High Court’s decision that the company is able to restructure through a scheme of arrangement without the approval of the convertable bondholders, “who have no economic interest in the company”.
MyTravel plans a meeting on December 13 to implement the scheme, saying this will allow the company to complete the restructuring in accordance with its plans.
In a statement last night the group said: “MyTravel is pleased that the High Court has now given directions for the meetings required to implement the company’s scheme of arranagement.
“The Board believes this is an important milestone in the restructuring process and the way is now clear for the restructuring to complete by the end of the year.”
Amid speculation that the bondholders might appeal against the ruling, MyTravel said: “In the event that there is an appeal against the court’s decision, the company will proceed with the scheme process while the appeal processs takes its course.”
The parent company of Airtours and Going Places wants to restructure £800 million of its debt through an equity swap leaving bondholders with an 8% shareholding.
But bondholders had opposed the deal and MyTravel went to court seeking backing for its rescue plan.
Report by Phil Davies
Phil Davies
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Sustainable Tourism: Don Welsh on Community Values and Global Collaboration
Jane Cunningham: Enhancing European Engagement in Tourism
Kristin Dunne: Navigating Destination Strategy
Revolutionizing Mobile Connectivity: Boris Bijlstra on HUBBY eSIM
Capturing Glasgow’s Vibrancy: An Interview with Susan Deighan, Chief Executive of Glasgow Life
Lebua Hotel & Resorts: Rajan Khurana on Hospitality and Bangkok’s Charms
Sustainable Tourism and Growth: Insights from Chiravadee Khunsub from Tourism Authority of Thailand
Revolutionizing Travel: SmartSIM USA’s Dale Takio Unveils the Power of E Sims
TravelMole Interview with Hishan Singhawansa, Deputy CEO of Cinnamon Hotels & Resorts, Sri Lanka
Unveiling the Essence of Magari Tours: A Dive into Authentic Italian Experiences
EU airports bring back 100ml liquid rule
British Airways passengers endure 11-hour 'flight to nowhere'
CLIA: Anti-cruise demos could cause itinerary changes in Europe
Co-pilot faints, easyJet flight issues ‘red alert’
Dozens fall ill in P&O Cruises ship outbreak