I think Kinsman has been dreaming of those "silver linings"!
On 3 November, MyTravel Group called an EGM, because it was in breach of section 142 of the Companies' Act 1985, which requires that the net value of the company's assets (net of liabilities) should exceed 50% of it's "called up" capital. This is no longer the case, and the EGM will be used as a vehicle to explain how the company plan to resolve this.
It does not make for comfortable reading that
The Continuing MyTravel Group does not currently have sufficient working capital
These are not the words of TTG, Daily Mail, or any other paper.
If anyone can keep awake long enough, then they would do well to read completely the two messages from MyTravel about this EGM, and then decide for themselves whether MyTravel will last for another 12 months.
notice of EGM supplemental circular
As a comparison, First Choice announced that it believed that it would make full year profit targets this year, despite the effects of the GWII. At the end of October it said the 2003 summer season had been one of its best ever, and described demand for winter bookings so far as "strong."
BBC report(24/10/03)