Newswatcher I think the point Spy was trying to make is that the press can report this in one of two ways.
They can (and probably will) put a huge anti/don't book slant on it which will harm bookings - self fulfilling.
Or they can say that the losses are colossal (no dispute there!) but almost two thirds of that is one off items (selling loss making business, assset write offs etc). The banks are still backing the Company (representatives on the board I believe) and that a huge cost saving program (forecast to beat the £150 million per year by 2005) is being implemented along with a massive restructuring (simplification) of the business. It is forecast (hoped) that this will put the group back in profit by September 2005.
The second scenario shows that everyone within MYT is fighting tooth and nail for their survival and with a bit of faith/luck/backing it should survive. There's 30,000 people facing a pretty uncertain future - but the press don't seem too bothered about that aspect, just as long as their papers sell.
A4
