Come on guys, the banks had no option other unless they put the company into liquidation. They rightly took the view that there were no assets so they wouldn't get anything back so they opted for a punt. Ask the previous shareholders who got 4% of the company.
They are hardly however a success story to quote from the MyTravel corporate website "This (2006) will be the Group's first profit before tax since 2001".
Any purchase of First Choice will be by issuing new equity.