I think there are a number of UK operators that do not meet the CAA free asset test. If they pulled the plug on MYT then they would have to apply the same standard to others! The industry is in a mess and the normal rules dont apply at the moment. My concern is not with the bond holders but cash flow in the winter, MYT may be better off in this respect than some others due to Mylite and other cash generating activities but once again only time will tell. Certainly not been a good year that is for sure.
