If I believe what I have read in today's newspapers MYT is by no means out of the wood. To start with the court case has so far resolved nothing. The scheme of arrangement was shown to be defective and has to be resubmitted. The new hearing is set for Dec20. Second, the bondholders have threatened to appeal. They may or may not win that but it certainly creates uncertainty. Third MYT as a group seems have more debts than the rest of the UK holiday industry put together. It has no future unless those debts can be eliminated. Just turning them into bank owned equity does not eliminate debt. It just creates more flexibility for the banks to recover some of their money. MYT is in a corportae zimmerframe. The only people who can determine whether it gets back to some level of fitness are not the banks; the future of the company now rests with its customers. If they buy holidays for next year it may survive. If they do not it is stone dead. Ask any travel agent what he/she would recommend just now. The answers is probably just what the customer wants - a hassle free holiday. In what way is MYT in a position to provide that?
Would you buy a holiday from a zimmer frame attendant?