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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
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