MyTravel Redundancies
Join Date: Apr 2001
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TT, Further to my erroneous posting about directorships earlier in the thread, I am pleased to set the record straight and report that Mr Jeans left with NO bonus. However, several millions have been wasted with huge pay offs to the plethora of directors that left before him.
Join Date: Oct 2000
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MyTravel in deeper water
Geoff Foster, Daily Mail
13 August 2004
THE horrendous tale of tourists who were stranded for 48 hours at Gatwick while waiting for a flight to Bodrum, Turkey heaped yet more pain on MyTravel.
The struggling company's shares nosedived 1/2p to an all-time low of 5 3/4p amid growing speculation that its bankers will soon pull the plug.
MyTravel, some £1.3bn in debt, is in negotiations with its banks over a financial restructuring package that could include a debt-for-equity swap.
One fund manager yesterday said: 'It looks bad. MyTravel has failed to hedge sufficiently against the big hike in fuel costs. It has been run in the interest of its bankers for months, but they are now losing patience and do not want to throw good money after bad.
'Get the summer months out of the way and then the only place the company will be going is the knacker's yard. Poor shareholders should sell in the market while they can.'
The Airtours-to-Going Places company flirted with disaster two years ago. It laid off some 2,000 staff and issued a string of profit warnings that triggered a boardroom clear-out. The exodus of top executives has continued. Only last week, Tim Jeans, the chief operating officer of its airline division, said cheerio.
The two major players in the online travel trade recently reported dire trading statements and remain in the doghouse. Lastminute.com shed 3p more to 102p and ebookers 4 1/4p to 121 1/4p.
Geoff Foster, Daily Mail
13 August 2004
THE horrendous tale of tourists who were stranded for 48 hours at Gatwick while waiting for a flight to Bodrum, Turkey heaped yet more pain on MyTravel.
The struggling company's shares nosedived 1/2p to an all-time low of 5 3/4p amid growing speculation that its bankers will soon pull the plug.
MyTravel, some £1.3bn in debt, is in negotiations with its banks over a financial restructuring package that could include a debt-for-equity swap.
One fund manager yesterday said: 'It looks bad. MyTravel has failed to hedge sufficiently against the big hike in fuel costs. It has been run in the interest of its bankers for months, but they are now losing patience and do not want to throw good money after bad.
'Get the summer months out of the way and then the only place the company will be going is the knacker's yard. Poor shareholders should sell in the market while they can.'
The Airtours-to-Going Places company flirted with disaster two years ago. It laid off some 2,000 staff and issued a string of profit warnings that triggered a boardroom clear-out. The exodus of top executives has continued. Only last week, Tim Jeans, the chief operating officer of its airline division, said cheerio.
The two major players in the online travel trade recently reported dire trading statements and remain in the doghouse. Lastminute.com shed 3p more to 102p and ebookers 4 1/4p to 121 1/4p.
Join Date: Nov 1998
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Daily Mail and MyTravel
Knackers yard is MyTravels destination, claims fund boss.
Article from todays Mail suggests MyTravel will be finished by summers end. Tells of 48hr delay in LGW etc etc. Article may be of interest to those of you still at MyTravel.
Share price today is at an all time low of 5p.
Article from todays Mail suggests MyTravel will be finished by summers end. Tells of 48hr delay in LGW etc etc. Article may be of interest to those of you still at MyTravel.
Share price today is at an all time low of 5p.
Join Date: Jun 2000
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Daily Mail Article
While I do wonder how on earth MYT are going to survive; and I hope for their employee's sake they do, doesn't anyone else recognise this article ? Isn't it a copy of one from this time last year ????
Join Date: Nov 2003
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Sadly I don't think it is! I will be interested in how the share price performs on Monday and how the papers report MYT over the weekend.
Share price is going to fall further I fear due to debt for equity swap.
Share price is going to fall further I fear due to debt for equity swap.
Join Date: May 2002
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HI GUYS,
Im sorry if this sounds a bit thick or maybe im having a blonde day...but can someone pls explain to me about this debt for equity swap...i have an idea what it entails but what do u think they are likey to swap.
Sorry if it sounds a bit stupid but hey...hope someone can help.
cheers
tj747
Im sorry if this sounds a bit thick or maybe im having a blonde day...but can someone pls explain to me about this debt for equity swap...i have an idea what it entails but what do u think they are likey to swap.
Sorry if it sounds a bit stupid but hey...hope someone can help.
cheers
tj747
Join Date: Jun 2001
Location: in the hills
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In simple terms , a debt for equity swap is this:
A company who has shares listed on a stock exchange, if they get in trouble will borrow money from their bankers to survive.
The shares plunge, because the company has in effect got less assets than it had before it got in trouble. Equity=assets.
Seeing as it borrowed a lot of money and the company is worth less, the banks effectively own more of the company at a lower price than before the problems.
The company finds it cannot repay the money, so the banks call in their loans in the form of swapping their owed debt for the equity remaining in the company.
The company will then either be ripped apart by the banks to recoup their money, or if trading improves, it may hold the company for a while and then sell it on when it's value is perceived to have risen.
Shareholders will get virtually nothing out of a debt for equity swap, perhaps a penny a share IMHO regarding MYT.
A company who has shares listed on a stock exchange, if they get in trouble will borrow money from their bankers to survive.
The shares plunge, because the company has in effect got less assets than it had before it got in trouble. Equity=assets.
Seeing as it borrowed a lot of money and the company is worth less, the banks effectively own more of the company at a lower price than before the problems.
The company finds it cannot repay the money, so the banks call in their loans in the form of swapping their owed debt for the equity remaining in the company.
The company will then either be ripped apart by the banks to recoup their money, or if trading improves, it may hold the company for a while and then sell it on when it's value is perceived to have risen.
Shareholders will get virtually nothing out of a debt for equity swap, perhaps a penny a share IMHO regarding MYT.
Join Date: Nov 2003
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As I understand it Vanessa is not going anywhere she has left for personal reasons. Not sacked or payed off just personal reasons nothing more to be read into her departure. Lucky Monarch, they have poached a good guy.
Join Date: Aug 2004
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MYT
MYT/Airtours: DC10-30, 757/76 flight deck and crew were the nicest crews to work with. I had many happy years with AIH and nothing but fond memories of the folk I shared my time with(home and down route!!!!!!!!!).
I wish all crews - flight deck and cabin, the very best.
I wish all crews - flight deck and cabin, the very best.
