Will MY-TRAVEL go Bust ? (Merged)
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qwertyuiop: I thought it would only ground the MYT fleet.
Of course, if the CAA decided that the group was so shaky that they were pulling the ATOLs, I assume they’d also pull MyTravel Airways Ltd’s Air Operators Certificate. And I guess the Danish CAA would follow suit and pull MyTravel Airways A/S’s AOC.
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Bitter (I prefer lager...........)
loveJet
Bitterness has put many a company out of business! The list is long. Run along and develop some routes as your profile would have us believe. And before you ask how old I am, clean up your grama!........
Rgds
The Moss
Bitterness has put many a company out of business! The list is long. Run along and develop some routes as your profile would have us believe. And before you ask how old I am, clean up your grama!........
Rgds
The Moss
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Lovejet
Your post was a bit vitriolic. If you are referring to the collective we as in the taxpayer propping up My Travel there is no doubt that aint going to happen.
As they say - if you owe the bank a million thats your problem, if you owe the banks 500 mill then thats their problem. If the banks have advanced a ton of money to support the group then they have assisted in developing this situation To get some return they will need to stump up some more.
Regardless of this, there are a bunch of hard working people still trying to deliver the goods to the travelling public. They have families to support, mortgages to pay etc etc. It got to be damn hard to approach each day with some form of optimism whilst wondering whether there will be a job in a month or so's time. Your posting about hoping my travel goes bust would be just what they want to read - NOT.
For the sake of all the staff I hope things get better.
Well that's my tuppny ha'pny worth anyway.
Your post was a bit vitriolic. If you are referring to the collective we as in the taxpayer propping up My Travel there is no doubt that aint going to happen.
As they say - if you owe the bank a million thats your problem, if you owe the banks 500 mill then thats their problem. If the banks have advanced a ton of money to support the group then they have assisted in developing this situation To get some return they will need to stump up some more.
Regardless of this, there are a bunch of hard working people still trying to deliver the goods to the travelling public. They have families to support, mortgages to pay etc etc. It got to be damn hard to approach each day with some form of optimism whilst wondering whether there will be a job in a month or so's time. Your posting about hoping my travel goes bust would be just what they want to read - NOT.
For the sake of all the staff I hope things get better.
Well that's my tuppny ha'pny worth anyway.
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Spy
Your response is quite shocking. I'm talking about a company using thier poor position to put other fitter companies at risk by taking on lump sums of cash to get them out of the proverbial s@$*. You made it very personal...I dont quite think you understood my point, which wasn't an attack on employees of the company.
Codpiece face
Thanks for at least recognising my point. Being that the company has messed airports around - including the one i work for. Mytravel have not treated their staff or customers well and the people who stand up for such a company should question whether they are doing it on a personal level or a business level.
My own company.
Its a dream, but it will be a company that certainly chooses it employees well, spreads an atmosphere of love TO its staff first, then its customers. We will not be taking on people that believe in propping up poorly run company's that put the rest of us at risk. And finanly if its not viable it won't happen. Thats the nature of business.
Jet
Your response is quite shocking. I'm talking about a company using thier poor position to put other fitter companies at risk by taking on lump sums of cash to get them out of the proverbial s@$*. You made it very personal...I dont quite think you understood my point, which wasn't an attack on employees of the company.
Codpiece face
Thanks for at least recognising my point. Being that the company has messed airports around - including the one i work for. Mytravel have not treated their staff or customers well and the people who stand up for such a company should question whether they are doing it on a personal level or a business level.
My own company.
Its a dream, but it will be a company that certainly chooses it employees well, spreads an atmosphere of love TO its staff first, then its customers. We will not be taking on people that believe in propping up poorly run company's that put the rest of us at risk. And finanly if its not viable it won't happen. Thats the nature of business.
Jet
Alba Gu Brath
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loveJet,
The airline lands at an airport, the airline takes off from an airport. The airline pays landing, navigation, parking fees, etc to the airport. How exactly does that constitute messing them around. Sorry of we inconvenience you by actually using your facilities for the purpose they were designed.
Wishing that a specific airline/ tour op will go bust is at best childish, at worst contemptable, particularly from someone (apparently) connected with aviation. There are plenty of other companies who are milking the cash cow dry (railway subsidies of 3.84 billion pounds last year). MyTravel is working with the banks and financial institutions to try and work through the problems the Group have faced over the last 2-3 years. If it does work out then approx 20,000 people worldwide will retain their jobs, salaries and careers. Or perhaps we should just follow your opinions and chuck them all onto the unemployed list!
And please appraise us with your thoughts on how MyTravel could possibly worry these 'fitter' companies you refer to? If they are so 'fit' then MYT's restructure will have little or no impact on them. Of course, it would ultimately benefit some of MYT's competitors to see them removed from the equation.
Being that the company has messed airports around
Wishing that a specific airline/ tour op will go bust is at best childish, at worst contemptable, particularly from someone (apparently) connected with aviation. There are plenty of other companies who are milking the cash cow dry (railway subsidies of 3.84 billion pounds last year). MyTravel is working with the banks and financial institutions to try and work through the problems the Group have faced over the last 2-3 years. If it does work out then approx 20,000 people worldwide will retain their jobs, salaries and careers. Or perhaps we should just follow your opinions and chuck them all onto the unemployed list!
And please appraise us with your thoughts on how MyTravel could possibly worry these 'fitter' companies you refer to? If they are so 'fit' then MYT's restructure will have little or no impact on them. Of course, it would ultimately benefit some of MYT's competitors to see them removed from the equation.
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little or no impact on them?! man YOURE the one thats childish. If they owe money somehting went wrong. I hoped they would pull through a LONG TIME AGO. But it's been dragging on, and any employees who are still there would be wise to cut and run...seeing as thats what the management have been doing.
Thats the whole point of competition... that unfit companies go bust. (in laymans terms)
Btw (thats by the way) airports have to spend a great deal of time and money on promoting routes, and when Mytravel suddently aborts the route; the travel agents, passengers, and airports are inconvenienced. Now if this happened once or twice we could put it down to the market, but airports around the UK have been fed up with mytravels behaviour. And the consumer will be too very soon.
Jet
Thats the whole point of competition... that unfit companies go bust. (in laymans terms)
Btw (thats by the way) airports have to spend a great deal of time and money on promoting routes, and when Mytravel suddently aborts the route; the travel agents, passengers, and airports are inconvenienced. Now if this happened once or twice we could put it down to the market, but airports around the UK have been fed up with mytravels behaviour. And the consumer will be too very soon.
Jet
Alba Gu Brath
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No, sorry, still don't get it. MYT owe money (lots of it) to the banks and the financial institutions that lent it to them. Nobody else. Please explain how that affects the 'fitter' companies you refer to?
And pray tell which airports have spent all this money on promoting MYT's routes? The only route advertising that I have seen has been on MYTLite from BHX, advertsing bought and paid for by MYTLite.
And BTW (yes I know what it means), who was being childish? Simple questions and answers.
airports have to spend a great deal of time and money on promoting routes, and when Mytravel suddently aborts the route; the travel agents, passengers, and airports are inconvenienced.
And BTW (yes I know what it means), who was being childish? Simple questions and answers.
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LJ, perhaps customers don't want to fly from said airports and that's why MYT have pulled out. It's a free market and if there is a profit to be made someone else will fill the void.
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lovejet, the last thing anybody needs is more pilots on the market. A pilot shortage is the only way we can all start to earn better salaries etc. MYT is going to break even this year, which is one hell of a turnaround, and is expected to be in profit next year. The pain we have been through is coming to other holiday companies in the future, mainly in the way of new accounting practices. I don't think MYT is the only company to have been doing strange, but legal, things with the books.
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yeah thanx B763 Jock i said that if it happens once or twice its down to the market... but the many times it has happened just won't do. You only need ask your local travel agent how they feel about MYT.
Big T: It will affect fitter companies, because it's no longer a level playing field. Small profit and big prift is one thing but when there are holiday compabies making profits (First Choice) then the ones that arn't should go the course.
Anyway where did that £50m go? No-one seems to know. Is that a good company? umm...let me think...
Jet
sorry that last post wasnt very well written ... rushing into a meeting...
Jet
Big T: It will affect fitter companies, because it's no longer a level playing field. Small profit and big prift is one thing but when there are holiday compabies making profits (First Choice) then the ones that arn't should go the course.
Anyway where did that £50m go? No-one seems to know. Is that a good company? umm...let me think...
Jet
sorry that last post wasnt very well written ... rushing into a meeting...
Jet
Cool Mod
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This is twice I have had to do this today.
Cut out the vitriol! Good honest debate is what we want not who is better than the guy next door stuff! If you cannot make a sentence without being gross stay off the thread.
Hope that is taken in.
This, for some, is a very serious issue. Don't mess with it.
PPP
Cut out the vitriol! Good honest debate is what we want not who is better than the guy next door stuff! If you cannot make a sentence without being gross stay off the thread.
Hope that is taken in.
This, for some, is a very serious issue. Don't mess with it.
PPP
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MyTravel Group plc
Bondholder Voting Agreements
MyTravel Group plc announces that as at 5.00 pm on 17 November it has received Voting Agreements from bondholders in respect of 0.23 per cent of the bonds.
As previously announced, while the Board would prefer to implement the restructuring of MyTravel on a consensual basis, it has prepared a contingency plan in case agreement is not reached. The company has begun the process of implementing the restructuring using a scheme of arrangement under section 425 of the Companies Act 1985, which does not require the approval of the bondholders. It has applied to the court for directions to convene the meetings of shareholders and creditors required to approve the scheme, and the hearing of this application is scheduled for 18 November.
MyTravel Group Chairman Michael Beckett says: "I am disappointed that so far the bondholders have not supported our consensual restructuring proposal, which I believe is more than fair to them. However I am encouraged that we have now received the support of the substantial majority of our lenders and facility providers. Restructuring the balance sheet is in the best interests of all our stakeholders. It will provide a sound basis for the business going forward and allow us to concentrate on offering our millions of customers good value, quality holidays."
Bondholder Voting Agreements
MyTravel Group plc announces that as at 5.00 pm on 17 November it has received Voting Agreements from bondholders in respect of 0.23 per cent of the bonds.
As previously announced, while the Board would prefer to implement the restructuring of MyTravel on a consensual basis, it has prepared a contingency plan in case agreement is not reached. The company has begun the process of implementing the restructuring using a scheme of arrangement under section 425 of the Companies Act 1985, which does not require the approval of the bondholders. It has applied to the court for directions to convene the meetings of shareholders and creditors required to approve the scheme, and the hearing of this application is scheduled for 18 November.
MyTravel Group Chairman Michael Beckett says: "I am disappointed that so far the bondholders have not supported our consensual restructuring proposal, which I believe is more than fair to them. However I am encouraged that we have now received the support of the substantial majority of our lenders and facility providers. Restructuring the balance sheet is in the best interests of all our stakeholders. It will provide a sound basis for the business going forward and allow us to concentrate on offering our millions of customers good value, quality holidays."
Restructuring the balance sheet is in the best interests of all our stakeholders
My best wishes to all those who work for MYT. I believe that you will pull through, but in the future be aware of the mentality of your management.
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Beardy
The plonkers who got us in this mess are no longer with us, they walked off with the family silver! Some of them are working for other Airlines and Tour Operators so we are not the only ones who need to be warned!
The plonkers who got us in this mess are no longer with us, they walked off with the family silver! Some of them are working for other Airlines and Tour Operators so we are not the only ones who need to be warned!
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Dadaposh
Cant imagine the old thousand £ sending CC to the Lakes is going to make a difference to the big picture. Given the current situ sounds like a good offer to me to keep morale up. I would also bet that the airline is a profit centre for MYT
Cant imagine the old thousand £ sending CC to the Lakes is going to make a difference to the big picture. Given the current situ sounds like a good offer to me to keep morale up. I would also bet that the airline is a profit centre for MYT
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Mr angry..... are you serious? this is a company on their knees with debts which would make bill gates lose an hours sleep.
The point being that the company is laden with chiefs, and they now want to spend more money (which they haven't got) probably being spent on something they don't need (more feathers), thought up by a guy with a degree who doesn't know one end of a plane from the other, which has taken him well over a year to compile, from an idea he got from another large company in the black, in a completely different business to the one he's in.
If you think that a shed load of cabin crew not knowing if they will have a job around xmas, having just seen a load of their colleagues/friends put on the scrap heap will think they are having a morale boost then I suggest you think again.
This is a company that not only wants a sizeable piece of the pie, but wants the lot, and to cook it their way, but employs a head chef who doesn't know how to make pastry.
So the odd thousand might make a hell of a difference, penny wise pound foolish as they say.
The point being that the company is laden with chiefs, and they now want to spend more money (which they haven't got) probably being spent on something they don't need (more feathers), thought up by a guy with a degree who doesn't know one end of a plane from the other, which has taken him well over a year to compile, from an idea he got from another large company in the black, in a completely different business to the one he's in.
If you think that a shed load of cabin crew not knowing if they will have a job around xmas, having just seen a load of their colleagues/friends put on the scrap heap will think they are having a morale boost then I suggest you think again.
This is a company that not only wants a sizeable piece of the pie, but wants the lot, and to cook it their way, but employs a head chef who doesn't know how to make pastry.
So the odd thousand might make a hell of a difference, penny wise pound foolish as they say.
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Sending a group of senior CC on a tree huging, "love you all" weekend is total bollocks. If this story is true, then I worry for MYT.
I have long wondered where people who come up with ideas like this come from. I strongly suggest they are sacked, the money saved, and put into the resurection of the company. If you asked the work force whether they wanted a stupid weekend building lego trains etc, or a proper job I'm sure I know the workers would a; choose the later and b; the slackers would waste the time and money.
Jesus, where do these idiots come from?
I have long wondered where people who come up with ideas like this come from. I strongly suggest they are sacked, the money saved, and put into the resurection of the company. If you asked the work force whether they wanted a stupid weekend building lego trains etc, or a proper job I'm sure I know the workers would a; choose the later and b; the slackers would waste the time and money.
Jesus, where do these idiots come from?
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My Travel
I've been looking around and can't work out what is going on at MYT now. The bond holders said no to the swap deal correct?
Where does that leave things now, I hope there is a plan "B"?
I spoke to one pilot last week and they seemed quite happy, if a little busy, saying they had managed to get rid off the "dead wood pilots" which seemed a little harsh to me, as someone who left a while ago.
I hope that things are on the up, and would like some more info if anyone has any,
Cheers
BBB
Where does that leave things now, I hope there is a plan "B"?
I spoke to one pilot last week and they seemed quite happy, if a little busy, saying they had managed to get rid off the "dead wood pilots" which seemed a little harsh to me, as someone who left a while ago.
I hope that things are on the up, and would like some more info if anyone has any,
Cheers
BBB