24 November 2004
MyTravel Group plc
MyTravel Group plc welcomes today's decision by the High Court that the company
is able to restructure through a scheme of arrangement without the approval of
the convertible bondholders, who have no economic interest in the company.
While the judge has ruled on a technical point that the scheme cannot go ahead
as it is currently formulated, the company will submit an alternative approach
to the Court this afternoon. The court has vindicated the company's decision to
pursue the scheme of arrangement.
The company expects it will shortly be able to proceed with implementation of
the scheme, which is designed to ensure the completion of its restructuring by
the end of the year.
Ends