Will MY-TRAVEL go Bust ? (Merged)
Join Date: May 2004
Location: preston
Posts: 9
Likes: 0
Received 0 Likes
on
0 Posts
A comment from lovejet would be nice now that the court has ruled in favour of MYT and we are here to stay. I hear that some of our competitors had business plans which relied on MYT going bust. The boot may be on the other foot in future.
I am a figment of my own imagination
Join Date: Oct 2000
Location: Jeddah, Saudi Arabia
Posts: 726
Likes: 0
Received 0 Likes
on
0 Posts
Does the money MYT has recently been able to get back from the travel agents and which it had accidentaly overpaid them, help the picture any?
Join Date: Oct 1998
Location: North west UK
Age: 64
Posts: 123
Likes: 0
Received 0 Likes
on
0 Posts
Remembering the dramatic crashes of holiday firms over the years.
Do you think joe public who works very hard to save for his holiday, is going to trust Mytravel and it's sister companies?
All this press exposure about the state of the company will make the public loose confidence, and WILL bring about their downfall.
They have to do something dramatic yesterday to convince Mr Public that the future is rosey.
How many people on the street understand bonds and issue rights?
All they know is the firm they are going to trust £1000+ of their hard earned is rocky, so guess what first choice here they come......
Do you think joe public who works very hard to save for his holiday, is going to trust Mytravel and it's sister companies?
All this press exposure about the state of the company will make the public loose confidence, and WILL bring about their downfall.
They have to do something dramatic yesterday to convince Mr Public that the future is rosey.
How many people on the street understand bonds and issue rights?
All they know is the firm they are going to trust £1000+ of their hard earned is rocky, so guess what first choice here they come......
Join Date: Nov 2003
Location: Gatwick
Posts: 47
Likes: 0
Received 0 Likes
on
0 Posts
So this press exposure WILL bring about MyTravel's downfall then will it PA38? Good job we've got you to warn us! Do you not think everyone involved with MYT have become very used to watching the affect of these press reports over the past few years? The reality is that it hasn't made nearly as much difference as you might expect, possibly because people don't know who MyTravel are and therefore don't associate them with their holiday brands and possibly because when it comes to the crunch people just vote with their wallets. The vasy majority of MYTs passengers are Sun readers who not only don't understand bonds and issue rights but more importantly don't care about them either. Besides after this all dies down a bit I don't think many people would be surprised if the somewhat tainted MyTravel name was dropped, possibly even to be replaced with "Airtours". After all it's only the name MyTravel that's got a bad press. Thanks for the warning though!
Join Date: May 2002
Location: SOUTH EAST
Posts: 143
Likes: 0
Received 0 Likes
on
0 Posts
i would have to disagree with the last post.... to be honest... joe public wont even remember what has been happening in a few weeks time.
you would be suprised at the amount of people who dont know who they are flying with or what tour operator they are booked through... its quite frightening to be honest.
im not saying joe public are stupid or anything but when u walk into you local going places which is near enough in every town.... the public put their trust in the staff that book that holiday, alotof agents are selling the hotel and location etc of the holiday... not because its with airtours or first choice etc.... many people wont know what operator the agent has booked it through.
with the press over the next few days although it will allways have some negative comments... they have achieved a very serious and ambitious goal... they are turning the company around and if anything... will put confidence back into the public to say... yes, we have had problems, who hasnt... but we are getting back on track and doing what we do best... offering good quality, value for money holidays.
personally... i was sh*****g myself today when they were in court as i dont think i could manage another airline going down on me... been there, got the t-shirt... i wouldnt wish it on anyone. however... they have done it and proved alot of people wrong.
good luck to all and i think we now have a good future... still alot of work to be done but were on the right footsteps.
many thx
tj747
you would be suprised at the amount of people who dont know who they are flying with or what tour operator they are booked through... its quite frightening to be honest.
im not saying joe public are stupid or anything but when u walk into you local going places which is near enough in every town.... the public put their trust in the staff that book that holiday, alotof agents are selling the hotel and location etc of the holiday... not because its with airtours or first choice etc.... many people wont know what operator the agent has booked it through.
with the press over the next few days although it will allways have some negative comments... they have achieved a very serious and ambitious goal... they are turning the company around and if anything... will put confidence back into the public to say... yes, we have had problems, who hasnt... but we are getting back on track and doing what we do best... offering good quality, value for money holidays.
personally... i was sh*****g myself today when they were in court as i dont think i could manage another airline going down on me... been there, got the t-shirt... i wouldnt wish it on anyone. however... they have done it and proved alot of people wrong.
good luck to all and i think we now have a good future... still alot of work to be done but were on the right footsteps.
many thx
tj747
Guest
Posts: n/a
Yeh but no but Yeh but no but yeh but no but yeh but no.. My Travel WILL survive this.. Vicky Pollard ses so! In my experience (14 years in aviation) I think they will survive. They will downsize further but they will survive.. The management of 'My Travel' will 'outline' a further restructuring plan along with the courts in december & they will survive. Why don't they revert back to the 'Airtours' brand, it seemed far more successful? 
Join Date: Sep 2002
Location: UK
Posts: 171
Likes: 0
Received 0 Likes
on
0 Posts
I don't think Joe Public will NOT give two twopeny damns. They will believe that the court has acted in THEIR favour I suspect.
No point in getting maudlin the ball is rolling in the right direction.
MYT have no longer got a problem in my view - but the bond holders have. They thought they were going to make a killing. They probably will, but they will have to wait a lot longer than they anticipated. Some a@se's may be on the way to the door right now I fancy. !
eggc - smart move if I may so!
No point in getting maudlin the ball is rolling in the right direction.
MYT have no longer got a problem in my view - but the bond holders have. They thought they were going to make a killing. They probably will, but they will have to wait a lot longer than they anticipated. Some a@se's may be on the way to the door right now I fancy. !
eggc - smart move if I may so!
Join Date: May 2003
Location: Cheshire
Posts: 323
Likes: 0
Received 0 Likes
on
0 Posts
Simple question for anyone, a mate who travels with My Travel to Barbados in Feb is due to pay the balance on his holiday shortly, should he proceed with this or look elsewere.
Join Date: Sep 1999
Location: Middle England
Posts: 611
Likes: 0
Received 0 Likes
on
0 Posts
Mouser and cabot. MYT is a fully bonded ATOL operator so you don't need to insure your holiday and flights (unlike when you book with the loco's!!). If it went belly up, you would get a full refund or be flown home by another carrier. You only need to insure your health/luggage/personal belongings as you would with any other tour operator. Enjoy Barbados 
From the BBC:
I've booked a holiday with MyTravel. Should I be worried?
Like most large holiday operators, MyTravel's packages are covered by a cast-iron bond: as long as you have booked and paid, you will either get all your money back, or your holiday in every last particular.
If MyTravel were to go belly-up while you were on holiday, the worst that could happen is that you might have a few forms to fill in.
There are a few caveats for its budget airline, MyTravel Lite, however.
Its flights are covered by no bond, and so there is no guarantee of compensation or an alternative service if you're stranded.
But if you booked the flights with a credit card, or through a reputable tour operator, then even here you will be due for some sort of redress.
From the BBC:
I've booked a holiday with MyTravel. Should I be worried?
Like most large holiday operators, MyTravel's packages are covered by a cast-iron bond: as long as you have booked and paid, you will either get all your money back, or your holiday in every last particular.
If MyTravel were to go belly-up while you were on holiday, the worst that could happen is that you might have a few forms to fill in.
There are a few caveats for its budget airline, MyTravel Lite, however.
Its flights are covered by no bond, and so there is no guarantee of compensation or an alternative service if you're stranded.
But if you booked the flights with a credit card, or through a reputable tour operator, then even here you will be due for some sort of redress.
Last edited by 763 jock; 24th Nov 2004 at 22:43.
Join Date: Nov 2003
Location: UK
Posts: 109
Likes: 0
Received 0 Likes
on
0 Posts
In answer to the question you will be safer booking with MYT than any of the other tour operators right now as MYT will be on a firm financial footing very shortly! That may not be true of all the other tour operators. Some are about to face some pain of their own now that MYT are here to stay!Once this deal goes through MYT will be the strongest tour group in the UK and possibly Europe! Before I hear screams of not true just wait and see.
Not that I think anyone is going bust and even if they did all the tour operators are fully bonded so your money would be safe and you would be brought home at no cost to yourself, that’s the advantage of booking through a tour operator. So for those of you booking with MYT you can do so with confidence. You can also do the same with any of our competitors for that matter even if they run into problems over the next year or so. Very pleased for MYT and I hope all our competitors survive and prosper!
To all the clever buggers who have told us how MYT were doomed and destined for the scrap heap and all those self appointed experts out there, not to mention the press! Many thanks for all your support, consideration and compassion, NOT!
Be certain when it is your employer going through the mill, I won't be as thoughtless as some of you have been over the last two years! Some of you have appeared to take great pleasure in others misfortune!
Not that I think anyone is going bust and even if they did all the tour operators are fully bonded so your money would be safe and you would be brought home at no cost to yourself, that’s the advantage of booking through a tour operator. So for those of you booking with MYT you can do so with confidence. You can also do the same with any of our competitors for that matter even if they run into problems over the next year or so. Very pleased for MYT and I hope all our competitors survive and prosper!
To all the clever buggers who have told us how MYT were doomed and destined for the scrap heap and all those self appointed experts out there, not to mention the press! Many thanks for all your support, consideration and compassion, NOT!
Be certain when it is your employer going through the mill, I won't be as thoughtless as some of you have been over the last two years! Some of you have appeared to take great pleasure in others misfortune!
If I understand the dynamics of the still-proposed 'restructuring' of the accounts then, of the £1000 worth of shares that I could own now, post restructuring I will own £40 worth (or less) since 96+% of the shares will have been handed over to former creditors to pay off the loans that they gave to, what was at the time, a poorly run company (and, as is now obvious, a poor credit risk.) Moreover some of my earnings from these shares will be handed to the CEO to pay his £2,000,000 bonus for executing this deft move. I understand that a judge will probably rule that this manoeuvre is legal. Hmmm
If I had owned those shares I think that I would feel as though the bank had just robbed me in order to recoup their losses brought about by their financial misjudgements. Mind you if I had had shares in those banks I wouldn't have lost my money. Perhaps I should invest in those banks, but hang on, was that the only financial misjudgement they made or will make?
This is getting too difficult. I need a holiday. Now who should I book with The Sherrif of Nottingham or Robin Hood? Oh I remember now, The Sherrif was a real person and Robin Hood was a legend.
If I had owned those shares I think that I would feel as though the bank had just robbed me in order to recoup their losses brought about by their financial misjudgements. Mind you if I had had shares in those banks I wouldn't have lost my money. Perhaps I should invest in those banks, but hang on, was that the only financial misjudgement they made or will make?
This is getting too difficult. I need a holiday. Now who should I book with The Sherrif of Nottingham or Robin Hood? Oh I remember now, The Sherrif was a real person and Robin Hood was a legend.
Join Date: Nov 2002
Location: overseas....
Posts: 26
Likes: 0
Received 0 Likes
on
0 Posts
Spy:
Now who is forecasting doom and gloom for other IT Airlines.
Most of which (mine included) predict healthy profits this year.
Of course they are gonna make contingency plans, I would expect MYT to do the same if the boot was on the other foot.
Far as I know though, none have rushed out and bought 20 new airplanes for November the 25th.
Yes, we are all in it together, and we all suffer the same.
Not many points to be scored by anyone on here.
Vref.
Now who is forecasting doom and gloom for other IT Airlines.
Most of which (mine included) predict healthy profits this year.
Of course they are gonna make contingency plans, I would expect MYT to do the same if the boot was on the other foot.
Far as I know though, none have rushed out and bought 20 new airplanes for November the 25th.
Yes, we are all in it together, and we all suffer the same.
Not many points to be scored by anyone on here.
Vref.
Join Date: Dec 1999
Posts: 342
Likes: 0
Received 0 Likes
on
0 Posts
sfbbus
Are these not assets ?.....
Profitable North American operations (Canada & USA)
Very profitable Scandanavian operation
Tradewinds
Cresta
Manos
Panorama
Direct
Not to mention runway slots,hangars some of the aircraft leases
Would this not produce a tidy return ?
just a thought......
Are these not assets ?.....
Profitable North American operations (Canada & USA)
Very profitable Scandanavian operation
Tradewinds
Cresta
Manos
Panorama
Direct
Not to mention runway slots,hangars some of the aircraft leases
Would this not produce a tidy return ?
just a thought......
unwiseowl,
Thank you for that. I do need lessons in how these things work. Could you answer a few questions for me?
Why does the company have more value? There are more shares for the same size of company albeit one with a smaller debt. The company appears to have changed the way it achieves it's goals that is true, but if so why don't the lenders achieve a better return on their loans by accruing interest on them (if the new methods are so good.) Banks are not yet tour operators, will they sell their newly gained shares to recoup the cash or will they sell some of the assets that they will have just gained or are they about to become tour operators? Do they see a profit in this or are they out to minimise losses? If I were a shareholder, with the banks about to join me as such, bearing in mind that my share of the company will have been reduced to 4% of what it was, what should I do?
BTW, are the management shareholders? if so will their share have been reduced by the same proportion that mine would have been?
Thank you for that. I do need lessons in how these things work. Could you answer a few questions for me?
Why does the company have more value? There are more shares for the same size of company albeit one with a smaller debt. The company appears to have changed the way it achieves it's goals that is true, but if so why don't the lenders achieve a better return on their loans by accruing interest on them (if the new methods are so good.) Banks are not yet tour operators, will they sell their newly gained shares to recoup the cash or will they sell some of the assets that they will have just gained or are they about to become tour operators? Do they see a profit in this or are they out to minimise losses? If I were a shareholder, with the banks about to join me as such, bearing in mind that my share of the company will have been reduced to 4% of what it was, what should I do?
BTW, are the management shareholders? if so will their share have been reduced by the same proportion that mine would have been?