Court allows MyTravel to exclude bondholders
Wed 24 November, 2004 15:38
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LONDON, Nov 24 (Reuters) - The London High Court said on Wednesday that MyTravel MT.L could exclude holders of 216 million pounds of bonds from its restructuring, reversing an decision earlier in the day after new evidence from the company.
UK leisure firm MyTravel, formerly Airtours, has been battling with its bondholders over how much of its equity each of its creditors get in a 800 million pounds ($1.49 billion) debt-for-equity swap.
The decision clears the company to proceed with its debt swap, which the bondholders had opposed.