Not sure if it is good news or not, if the banks call in the loans, they know they'll get F**k all, cos' the money has been spent on keeping the company going on a day to day basis, and as has been said, the bond holders had no choice 'cos they would get nothing.
There must come a time when suppliers to the company will get even more neurotic than they already must be, (i understand that MYT were not paying the bills for up to 100 days in some cases), and refuse to do business with them.
If I were a MYT employee, I'd be doing serious research into the job market, cos' there can't be long to go.