SPY.
You are correct that it was the banks that saved My Travel, in trying to recoup as much of their money as possible.
However the main reason it is still in business, is that the CAA did not pull its bond as may be it should have done, when its assets fell below the bonds criteria.
This may be where people talk of Tony becoming involved.
However as I understand it, many more outfits including the big boys also do not reach the bond criteria. This could be one reason why the whole bonding issue is going to be changed in the near future.
Just to add a point about the My Travel bond holders, the 8% was offered to the holders again, on the condition that they withdrew their threat to sue the directors of My Travel at a later date, this was granted by the high court during their battle with the board. So was this deal a better deal for the company as a whole, or for the directors, as forcing through 2% or even 4% I would have thought, would have been better for the company.