beardy
The company will be worth more because it will be debt free and therefore viable. I'd say the shares are worth buying at todays 5.5p, but not totally without risk. I say not without risk because the fat lady, alough she's left her dressing room, hasn't sung yet.
The fly in the ointment is the bondholders: They are very, very angry and might just bring the company down, "cutting off their noses to spite their faces". There is some logic in an institution like fidelity behaving in this way, because this D4E is setting a terrible precident for how bondholders are treated. Anyway good luck MyTravel, IMHO survival is best for all in the airline industry.