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MyTravel restructure wins approval
Shareholders meeting on Christmas Eve approved a long-awaited restructuring of MyTravel.
Having previously reached agreement with rebel bondholders earlier in the week, the Airtours and Going Places parent company won backing from shareholders at an EGM for a restructuring of the group.
A refinancing of MyTravel is now expected to go ahead unhindered in the new year.
Meanwhile, MyTravel signalled it withdrawal from cruise operations by agreeing the £4.7 million sale of the ship Seawing to Louis Public Company. The money will be paid in instalments up to October 2006.
“The proceeds of the sale of the Seawing will be used to enhance MyTravel’s cash balances,” a company statement said. “MyTravel will continue to sell cruise holidays through its new retail business, The Cruise Store.”
Report by Phil Davies
Phil Davies
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