newswatcher
6th Jun 2003, 17:22
From the BBC(6/6):
"Struggling tour operator MyTravel has fallen deeper into the red, but has agreed a deal with bankers that should secure its future.
The company, whose brands include Airtours and Going Places, made an operating loss of £591m ($983m) after writing off £284m.
But it said it had signed a £1.3bn refinancing deal with its lenders which would allow it to turn the business around.
MyTravel said that war in Iraq and uncertainty about the group's financial position has contributed to its poor performance.":ok:
Share reaction - down 2% at 10:00hrs(6/6)
"Struggling tour operator MyTravel has fallen deeper into the red, but has agreed a deal with bankers that should secure its future.
The company, whose brands include Airtours and Going Places, made an operating loss of £591m ($983m) after writing off £284m.
But it said it had signed a £1.3bn refinancing deal with its lenders which would allow it to turn the business around.
MyTravel said that war in Iraq and uncertainty about the group's financial position has contributed to its poor performance.":ok:
Share reaction - down 2% at 10:00hrs(6/6)