In a starkling report in the Travel Trade Gazette (10th November), My Travel has said that if cannot agree another mult-million pound loan soon it will not be able to survive after November 2004 because they just have not generated sufficient cash from Summer 2003 bookings. The "Baghdad bounce" never materialised.
ATOL are strongly considering stripping them of their bond because the company is so debt-ridden.
My Travel are trying to sell of major parts of their business to raise any cash. There are rumours that Manos and Panorma may be sold.
Rival tour operators, TUI UK, Thomas Cook and First Choice are annoyed that they have been allowed to carry on trading. They believe that a turnaround is now unlikely, and sadly so do many critics.
MyTravel should be changed to MyDebt?...MyProblems?
