No Westie, the banks did a debt for equity swap. i.e. the banks got 96% of the shares (and all the exisiting holders got 4% divided up between them....) and in return the banks wrote off the debt....gone, zip, zero. Pretty good going on the part of the MYT board and now could pay off for the banks to.
So the billions of debt is gone. Fact.
I'm ex MYT and remember the "dark days" well - it was not a pleasant couple of years. I think consolidation is inevitable but unfortunately "synergies and economies of scale" = redundancies. If it all comes together I wish all involved good luck.
A4