It is worth reading the article on MYT in todays Business section in the Sunday Times. It would appear that MYT are adopting a smoke and mirrors approach to present financial difficulties- quote ' Something doesn't feel quite right about MyTravel and the announcement it made on Friday' unquote.
The article centres on MIPS (minority-interest preference shares ) - these originally appeared as equity on the company balance sheets. They have now been transferred to debt rather than equity as a result of '' modifications to the arrangements relating to the MIPS ''
Peter Mc Hugh, chief executive of MYT, declined to say why this had occurred.
Hmmmm....
Final quote from the article - 'Mc Hugh and the MyTravel team should be nervous'
Last edited by willoman; 5th May 2003 at 06:48.