Will MY-TRAVEL go Bust ? (Merged)
Join Date: May 2004
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Waco, yes they are, but I was talking about the a/c and ships etc which the company used to own.When things started to go wrong MYT quickly disposed of those assets such as a/c to leasing companies, and then leased them back. This meant at the time that the company was less attractive for pure asset stripping, which was probably a factor in the banks keeping it going, thank god. After the restructuring MYT will probably be the most secure, and leanest of all the tour operators. The new accounting practices which have been implemented, and were part of the initial problem, will also have to be used by other companies, so they have some pain to go through. Hopefully we will all survive, and all have a secure future. Not a scenario that Lovejet wants to see, but I'm sure the rest of us do.
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75's
So what happens to the 75's ? MyTravel said they would be for dispersal and they would be an all Airbus fleet, apart from keeping a couple.
Will they still be redundancies on the scale suggested before ie 120 pilots. I hope now that these positions will be secure.
Will they still be redundancies on the scale suggested before ie 120 pilots. I hope now that these positions will be secure.
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The last figure I heard for redundancies was around 40, but with quite a few taking voluntary redundancy, and a large number of F/Os in various holding pools, managers are now admitting that they will probably end up recruiting for next year. Crazy to let so many good guys go.
stilljustanothernumber
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beardy
The company will be worth more because it will be debt free and therefore viable. I'd say the shares are worth buying at todays 5.5p, but not totally without risk. I say not without risk because the fat lady, alough she's left her dressing room, hasn't sung yet.
The fly in the ointment is the bondholders: They are very, very angry and might just bring the company down, "cutting off their noses to spite their faces". There is some logic in an institution like fidelity behaving in this way, because this D4E is setting a terrible precident for how bondholders are treated. Anyway good luck MyTravel, IMHO survival is best for all in the airline industry.
The fly in the ointment is the bondholders: They are very, very angry and might just bring the company down, "cutting off their noses to spite their faces". There is some logic in an institution like fidelity behaving in this way, because this D4E is setting a terrible precident for how bondholders are treated. Anyway good luck MyTravel, IMHO survival is best for all in the airline industry.
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If I believe what I have read in today's newspapers MYT is by no means out of the wood. To start with the court case has so far resolved nothing. The scheme of arrangement was shown to be defective and has to be resubmitted. The new hearing is set for Dec20. Second, the bondholders have threatened to appeal. They may or may not win that but it certainly creates uncertainty. Third MYT as a group seems have more debts than the rest of the UK holiday industry put together. It has no future unless those debts can be eliminated. Just turning them into bank owned equity does not eliminate debt. It just creates more flexibility for the banks to recover some of their money. MYT is in a corportae zimmerframe. The only people who can determine whether it gets back to some level of fitness are not the banks; the future of the company now rests with its customers. If they buy holidays for next year it may survive. If they do not it is stone dead. Ask any travel agent what he/she would recommend just now. The answers is probably just what the customer wants - a hassle free holiday. In what way is MYT in a position to provide that?
Would you buy a holiday from a zimmer frame attendant?
Would you buy a holiday from a zimmer frame attendant?
Join Date: Aug 2003
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Alberts Growbag
You really don't have a clue do you?
MYT never where bankrupt and won't go there either for a start!
Tony Blair has nothing to do with MyTravel's turnaround as a company and if you bothered to read facts and figures you would see the demand for the package holiday is back on the increase!
These employees aren't just faceless people either. I have a cousin working as CC for MYT and sister as part of the overseas team. They will not be losing their jobs and will continue to work for MyTravel Group for a long time to come. Your wishing all these people out of a job! I wish the same to you if that’s your game!
Why you write "I don't see why I owe you guy's any different treatment" is beyond me - Who asked you to! Your not a politician and your no one special so why would they want any ‘treatment’ of you?
Why you seem to think you can stop a/c flying is laughable! What are you? Some kind of god or do your words insinuate something more sinister? That question is certainly playing on my mind!
You need to spend your time on something that is somewhat more constructive rather than slagging of companies and acting as if the world owes you something because guess what... it doesn't!
pinhammond
After years of studying media, I can safely tell you and appropriately inform you that you shouldn't believe everything you read or see in the press!
Regards
Thomas_Cook_757-300
You really don't have a clue do you?
MYT never where bankrupt and won't go there either for a start!
Tony Blair has nothing to do with MyTravel's turnaround as a company and if you bothered to read facts and figures you would see the demand for the package holiday is back on the increase!
These employees aren't just faceless people either. I have a cousin working as CC for MYT and sister as part of the overseas team. They will not be losing their jobs and will continue to work for MyTravel Group for a long time to come. Your wishing all these people out of a job! I wish the same to you if that’s your game!
Why you write "I don't see why I owe you guy's any different treatment" is beyond me - Who asked you to! Your not a politician and your no one special so why would they want any ‘treatment’ of you?
Why you seem to think you can stop a/c flying is laughable! What are you? Some kind of god or do your words insinuate something more sinister? That question is certainly playing on my mind!
You need to spend your time on something that is somewhat more constructive rather than slagging of companies and acting as if the world owes you something because guess what... it doesn't!
pinhammond
After years of studying media, I can safely tell you and appropriately inform you that you shouldn't believe everything you read or see in the press!
Regards
Thomas_Cook_757-300
Last edited by Thomas_Cook_757-300; 25th Nov 2004 at 22:02.
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Growbag
We have just risen from the ashes and will become a very strong force in the market once more I believe! It was not so long ago First Choice was close to going under and I suspect others will come close over the next few years. Unlike you I hope they all survive and evolve. MYT has won a second chance by transforming it's business, it will continue evolve or fail, as will any other tour operators who do not adapt to the changing market place. You speak of our customers as the bottom end of the market; they are just hard working people who are looking for a good cheap holiday for their families. They are the back bone of the mass Tour Industry customer base who have paid your mortgage for the last twenty five years, you might want to show them a little more respect!
Do you think you have the market on having worked for failed airlines? Your right of course MYT should have gone to the wall! I am glad that the former directors did not get to ruin the lives of twenty thousand employees. I am very sorry that some of the directors responsible for this mess have found employment with other operators; I really hope none of them are working for your employer!
MYT is still here for several reasons; it owed enough money that the Banks could not allow it to fold. The Banks now stand a good chance of recovering their money. You could be right about the Tony Blair link, having AA as our accountants may well have helped our case as well as the size of the debt! But the main reason it is here is due the the hard work of it's staff and new board.
As for being a parasite! Grow up the company was fighting for survival like many others and the Banks were trying to avoid losing their shareholders and investors money. The sentiment you find a fiction may be lacking on your flight deck but MYT has always been a great place to work because of the people. So I for one make no apology for being a little sentimental about this company.
Out of interest do you think blocking aircraft out of spite is the act of a professional aviator? You sound like a very bitter little man; you have my sympathy for whatever has made you such a twisted individual! The flight deck is no place for that sort of attitude perhaps you should consider your suitability for the job if you can't leave your bitterness on the ground! Your attitude does neither you nor your employer any credit
We have just risen from the ashes and will become a very strong force in the market once more I believe! It was not so long ago First Choice was close to going under and I suspect others will come close over the next few years. Unlike you I hope they all survive and evolve. MYT has won a second chance by transforming it's business, it will continue evolve or fail, as will any other tour operators who do not adapt to the changing market place. You speak of our customers as the bottom end of the market; they are just hard working people who are looking for a good cheap holiday for their families. They are the back bone of the mass Tour Industry customer base who have paid your mortgage for the last twenty five years, you might want to show them a little more respect!
Do you think you have the market on having worked for failed airlines? Your right of course MYT should have gone to the wall! I am glad that the former directors did not get to ruin the lives of twenty thousand employees. I am very sorry that some of the directors responsible for this mess have found employment with other operators; I really hope none of them are working for your employer!
MYT is still here for several reasons; it owed enough money that the Banks could not allow it to fold. The Banks now stand a good chance of recovering their money. You could be right about the Tony Blair link, having AA as our accountants may well have helped our case as well as the size of the debt! But the main reason it is here is due the the hard work of it's staff and new board.
As for being a parasite! Grow up the company was fighting for survival like many others and the Banks were trying to avoid losing their shareholders and investors money. The sentiment you find a fiction may be lacking on your flight deck but MYT has always been a great place to work because of the people. So I for one make no apology for being a little sentimental about this company.
Out of interest do you think blocking aircraft out of spite is the act of a professional aviator? You sound like a very bitter little man; you have my sympathy for whatever has made you such a twisted individual! The flight deck is no place for that sort of attitude perhaps you should consider your suitability for the job if you can't leave your bitterness on the ground! Your attitude does neither you nor your employer any credit
Last edited by spy; 25th Nov 2004 at 22:30.
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Albert, when something crappy happens to you, does it make you feel better to see someone else suffer the same bad luck? I felt for all the people at Laker, Air Europe, Dans, Eastern etc as their careers fell apart. It happened to me in 1991, and like them, I found another job, but I would never be as cold hearted as you. Aviation is a very small place, you might meet yourself coming the other way soon!
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Hi,
I fully agree with spy! You need to grow up and as with spy, I very much doubt your worth on a flight deck! I sincerely hope that I never present myself onboard a flight of yours!
MyTravel don't happen to serve the bottom end of the market as a matter of fact! They meet the needs of all and some holidays don't come cheap! As with all Tour Ops many holidays come very cheap and I believe that Thomson serve this so called end of the market well as I am inundated with emails advertising their holidays for £99! MYT serve all markets and operate excellent holidays in all areas! Our holiday to Santorini next May with MYT hasn't come cheap and I am certainly not of the bottom end nor or any of the other customers who use MYT!
You must believe you are some kind of superstar who is better than everyone else. Keep telling yourself that if that is your reason to get up in the morning and keep yourself going! I guess you haven't noticed that each person in this world is equal to the next. Your no better then somebody living in the darkest council estate in the world nor any worse then a football star! Deal with it!
Regards
Thomas_Cook_757-300
I fully agree with spy! You need to grow up and as with spy, I very much doubt your worth on a flight deck! I sincerely hope that I never present myself onboard a flight of yours!
MyTravel don't happen to serve the bottom end of the market as a matter of fact! They meet the needs of all and some holidays don't come cheap! As with all Tour Ops many holidays come very cheap and I believe that Thomson serve this so called end of the market well as I am inundated with emails advertising their holidays for £99! MYT serve all markets and operate excellent holidays in all areas! Our holiday to Santorini next May with MYT hasn't come cheap and I am certainly not of the bottom end nor or any of the other customers who use MYT!
You must believe you are some kind of superstar who is better than everyone else. Keep telling yourself that if that is your reason to get up in the morning and keep yourself going! I guess you haven't noticed that each person in this world is equal to the next. Your no better then somebody living in the darkest council estate in the world nor any worse then a football star! Deal with it!
Regards
Thomas_Cook_757-300
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It appears that "The Truth" is often in the eye of the observer and not necessarily those experiencing reality. I'm sure that your belief that you are"really nice to fly with" fits that concept.
MYT guys and girls are amonst the most decent people you could work with, have gone the extra mile and a bit in the cause.
I would suggest that having been around before it all began its time you bitterly retired.
MYT guys and girls are amonst the most decent people you could work with, have gone the extra mile and a bit in the cause.
I would suggest that having been around before it all began its time you bitterly retired.
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........just a thought all........
Is'nt there a court case pending with the EU concerning their alledged blocking of MYT's take over of FCA all those years ago.
Could be worth a massive sum of money to MYT........
Is'nt there a court case pending with the EU concerning their alledged blocking of MYT's take over of FCA all those years ago.
Could be worth a massive sum of money to MYT........
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Questions
Please see below some questions I have about MT's situation. I have a basic understanding of matters financial, and therefore may be missing something obvious. If anyone can answer the questions, many thanks.
This is not an attack on MT, or staff - there is no hidden agenda: It is simply a request for information.
This is not an attack on MT, or staff - there is no hidden agenda: It is simply a request for information.
- If I understand correctly, there is a chance that major Bondholders will appeal the decision, and might even take a view that a "suicide" option is acceptable, as a deterrent to the repeat of MT's actions by other companies in the future. Is this a realistic possibility?
- I have heard that some MT Directors stand to benefit personally from the restructuring: I do not know enough about finance to be able to tell whether or not this is just business as usual, or is exceptional. Can anyone comment?
- If I understand correctly, once the restructuring is complete, the Banks will recoup their losses once the share price has risen sufficiently. Is anyone able to advise as to a theoretical share price required for this to happen (although we may not yet know what the final total number of shares in circulation will be).
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waco, you are correct. That court case is still pending. Tha fact that the MYT takeover was blocked was just another of the factors that led to the MYT losses. I just wonder who this growbag works for. From my green fingered friends I believe that to make a growbag more fertile, you have to fill lit with bull**** ! Although I would question this guys fertility. That's probably the root cause of his problems.
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Growbag, nice guys dont have to tell everyone else how nice they are! I am sure you feel you are just telling the truth and if you really feel your post was reasonable fair enough, says it all!
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Dogs_ears_up - We all know who you mean, but before someone has a go at you for it (it has been known to happen on occasion on this site!) I believe MT is actually the designator for Thomas Cook. I think MYT is VZ
Growbag, growup.
Growbag, growup.