MyTravel Group plc
Bondholder Voting Agreements
MyTravel Group plc announces that as at 5.00 pm on 17 November it has received Voting Agreements from bondholders in respect of 0.23 per cent of the bonds.
As previously announced, while the Board would prefer to implement the restructuring of MyTravel on a consensual basis, it has prepared a contingency plan in case agreement is not reached. The company has begun the process of implementing the restructuring using a scheme of arrangement under section 425 of the Companies Act 1985, which does not require the approval of the bondholders. It has applied to the court for directions to convene the meetings of shareholders and creditors required to approve the scheme, and the hearing of this application is scheduled for 18 November.
MyTravel Group Chairman Michael Beckett says: "I am disappointed that so far the bondholders have not supported our consensual restructuring proposal, which I believe is more than fair to them. However I am encouraged that we have now received the support of the substantial majority of our lenders and facility providers. Restructuring the balance sheet is in the best interests of all our stakeholders. It will provide a sound basis for the business going forward and allow us to concentrate on offering our millions of customers good value, quality holidays."