MyTravel bondholders agree to extend maturity
LONDON, Sept 15 (Reuters) - British holiday firm MyTravel said on Monday its bondholders had voted in favour of a proposal to extend the maturity of 300 million pounds ($481.4 million) worth of subordinated convertible bonds due in 2004.
The extension, to the end of 2006, followed an agreement with creditors to refinance 1.3 billion pounds in debt.
MyTravel wanted the extension to give it more time to implement its strategy to turn around its business, which shed its chairman, chief executive and finance director after three profit warnings and accounting errors sent its shares into free fall. The business, like its rivals, was also hit by the war in Iraq and the SARS virus outbreak.
Good news for a change!!! Now lets hope they can turn things around.
Regards