Will MY-TRAVEL go Bust ? (Merged)
I am a figment of my own imagination
Join Date: Oct 2000
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Feeding your desire to be flamed I know, however Alberts Growbag your statement that you were around before CRM is very self evident. As for your statement: 'If I'm in a position to block an MYT aircraft into burning more fuel, staying in the hold one more time, or generally making sure this parasitic organisation goes under then I'll do my best to see it happens." simply reveal exactly what really is inside Aberts Growbag. A real heap of sh*t.
Your CRM it would seem is matched only by your professional?? approach to aviating, your attitude and your otherwise generally unsavoury nature! It seems unfortunate that so many other ladies and gentlemen have to share the same airspace with your undoubted abilities to make a nuisance of yourself.
Whilst others put forward logic for the demise of MYT you only offered bile and ill wishes. A sad reflection on your seemingly poisonous nature.
Most of the people in aviation I have known in over 40 years in the business wish only the best for others in the profession when trouble arises, there are always the exception, a minority thank God, you it seems, join those dregs.
Your CRM it would seem is matched only by your professional?? approach to aviating, your attitude and your otherwise generally unsavoury nature! It seems unfortunate that so many other ladies and gentlemen have to share the same airspace with your undoubted abilities to make a nuisance of yourself.
Whilst others put forward logic for the demise of MYT you only offered bile and ill wishes. A sad reflection on your seemingly poisonous nature.
Most of the people in aviation I have known in over 40 years in the business wish only the best for others in the profession when trouble arises, there are always the exception, a minority thank God, you it seems, join those dregs.
Dogs -
I can answer one of your questions.
Yes, the management team will benefit personally from a successful restructuring (source: Daily Telegraph).
This is common practice in the upper echelons of the business world, and is designed to keep a management team together rather than departing for pastures new and thereby jeopardising the deal.
LGS
I can answer one of your questions.
Yes, the management team will benefit personally from a successful restructuring (source: Daily Telegraph).
This is common practice in the upper echelons of the business world, and is designed to keep a management team together rather than departing for pastures new and thereby jeopardising the deal.
LGS
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TC_757-300,
Sorry to be picky but lurkio is right - the stock exchange symbol for MyTravel is MT. (with the dot)
Where it's shown as MT.L with a ".L" attached, I believe this denotes it as belonging to the London Stock Exchange (as opposed to .NY for example)
Sorry to be picky but lurkio is right - the stock exchange symbol for MyTravel is MT. (with the dot)
Where it's shown as MT.L with a ".L" attached, I believe this denotes it as belonging to the London Stock Exchange (as opposed to .NY for example)
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Pinhammond
I am sorry due to the rantings of Grow Bag I missed your last post. You make some interesting points and in truth MYT is not out of the woods but it is now on a level playing field with all the other tour operators. It stands as much chance of being here in the long term now as any of it’s competitors.
I am given to understand the technical sticking point is one of wording and procedure and is very unlikely to affect the outcome unless the lawyers mess it up.
You say that MYT will still have debt! Not true other than £140 million of leasing debt. The Banks will in effect be the majority shareholder. In due course they will sell their stake on the stock market or to another interested party and recover their lose. MYT's debt in effect is written off.
The trading figures for this year and next strongly indicates the company will return to profit in the next year or so. The Bond Holders will no doubt appeal and have grounds due to the technical issue, however; my information is this is a done deal with 99% of the Banks already signed up!
You also said the MYT debt is more than the debt of all the other tour operatos put together. Not true, it is scary to see how much debt some of the others have. Do some digging for yourself especially on the German stock market.
In conclusion MYT are a major force in the global tour market making operating profits in Canada and Scandinavia this year and on target to break even in the UK. They are just about to throw the Zimmer frame away in exchange for a set of running shoes.
I am sorry due to the rantings of Grow Bag I missed your last post. You make some interesting points and in truth MYT is not out of the woods but it is now on a level playing field with all the other tour operators. It stands as much chance of being here in the long term now as any of it’s competitors.
I am given to understand the technical sticking point is one of wording and procedure and is very unlikely to affect the outcome unless the lawyers mess it up.
You say that MYT will still have debt! Not true other than £140 million of leasing debt. The Banks will in effect be the majority shareholder. In due course they will sell their stake on the stock market or to another interested party and recover their lose. MYT's debt in effect is written off.
The trading figures for this year and next strongly indicates the company will return to profit in the next year or so. The Bond Holders will no doubt appeal and have grounds due to the technical issue, however; my information is this is a done deal with 99% of the Banks already signed up!
You also said the MYT debt is more than the debt of all the other tour operatos put together. Not true, it is scary to see how much debt some of the others have. Do some digging for yourself especially on the German stock market.
In conclusion MYT are a major force in the global tour market making operating profits in Canada and Scandinavia this year and on target to break even in the UK. They are just about to throw the Zimmer frame away in exchange for a set of running shoes.
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Granted, the manner in which AG made his posts was inane but isn't there a grain of truth in his thoughts on dragging prices and therefore other IT operators down?
Nobody would want to see anyone out of work but again, the "brothers in arms" bit is a little transparent in some of these posts. Why not be honest and say that, amongst many other reasons, I wouldn't want MYT to dump a load of crew on the market because it would give my managers the perfect excuse to screw me. "Take it or we'll take on someone who will". Could you honestly see a redundant pilot turning down a job on principle because the company offering that job has just used his/her unfortunate position as a stick to beat the workforce? Bit uncomfortable that.
Meanwhile, good luck MYT, whilst we don't need all the IT capacity we have in the UK, we need the instability even less. The ITs need to, and would seem to be doing something about, tackling the impact of the LoCos. TC 757-3, I'm not sure they capacity is increasing as such, more that the seat only market has been discovered by them wot makes decisions!
And I couldn't possibly subsidise my mates bar bill to the extent that would be required if MYT went pop!
Oh and by all means check the Dax. Fling enough smelly about and some will stick. Just what we need really. Yet another post full of doom and gloom.
Nobody would want to see anyone out of work but again, the "brothers in arms" bit is a little transparent in some of these posts. Why not be honest and say that, amongst many other reasons, I wouldn't want MYT to dump a load of crew on the market because it would give my managers the perfect excuse to screw me. "Take it or we'll take on someone who will". Could you honestly see a redundant pilot turning down a job on principle because the company offering that job has just used his/her unfortunate position as a stick to beat the workforce? Bit uncomfortable that.
Meanwhile, good luck MYT, whilst we don't need all the IT capacity we have in the UK, we need the instability even less. The ITs need to, and would seem to be doing something about, tackling the impact of the LoCos. TC 757-3, I'm not sure they capacity is increasing as such, more that the seat only market has been discovered by them wot makes decisions!
And I couldn't possibly subsidise my mates bar bill to the extent that would be required if MYT went pop!
Oh and by all means check the Dax. Fling enough smelly about and some will stick. Just what we need really. Yet another post full of doom and gloom.
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Yeoman
A grain is about all there was! The prices were being dragged down by the Low Costs more than MYT. Though granted a year or so back they did dump loads of holidays on the market that helped no one except the customers of course. The only subsidising anyone did was the Banks who are only interested in getting their investment back and certainly would not have kept it all running if they did not think they had a fair chance of doing so. The core business was there, it just needed managing by a board with some skills and half a brain, which we now seem to have.
As for mud etc, we have put up with some terrible rumours over the last two years, some true, some exaggerated and some just plain fiction. Many operators have heavy debts at the moment and to claim MYT's debt was more than the others put together was plain not true.
As for brotherly love as you put it, strangely many others and I never like to see folks out of work or under threat of same. Most of us take no pleasure in seeing other airlines in trouble; some on these forums like AG appear to revel in it. The fact is this industry is in a mess and yes we need to see a reduction in capacity. In an ideal world everyone would cut back but in the real world each companies board wants to increase market share at the expense of the competition, that is the real problem.
A grain is about all there was! The prices were being dragged down by the Low Costs more than MYT. Though granted a year or so back they did dump loads of holidays on the market that helped no one except the customers of course. The only subsidising anyone did was the Banks who are only interested in getting their investment back and certainly would not have kept it all running if they did not think they had a fair chance of doing so. The core business was there, it just needed managing by a board with some skills and half a brain, which we now seem to have.
As for mud etc, we have put up with some terrible rumours over the last two years, some true, some exaggerated and some just plain fiction. Many operators have heavy debts at the moment and to claim MYT's debt was more than the others put together was plain not true.
As for brotherly love as you put it, strangely many others and I never like to see folks out of work or under threat of same. Most of us take no pleasure in seeing other airlines in trouble; some on these forums like AG appear to revel in it. The fact is this industry is in a mess and yes we need to see a reduction in capacity. In an ideal world everyone would cut back but in the real world each companies board wants to increase market share at the expense of the competition, that is the real problem.
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Fair one Spy. It's called greed. The people who ram the capacity are in it for a few years tops and market share = bonus. At the end of the day, they waltz off with a big one, win or lose. The likes of you and me? Put it this way, I've got a mortgage to pay and a good year ain't going to kill it off!
Salut!
Salut!
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Anything is possible but the long hauk program appears to be expanding not contracting. Also the leases on the 767's and n particular the A330's have some time to run, so on balance I would say it is a rumour.
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dadaposh
I hear that you are indeed correct, all 3 grounded.
smudgethecat.
I don't know about all 3, l did hear that one might be staying, but one should be flying for Monarch by the summer.
I hear that you are indeed correct, all 3 grounded.
smudgethecat.
I don't know about all 3, l did hear that one might be staying, but one should be flying for Monarch by the summer.
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Today's Daily Mail. Comment on the financial page editorial.
Quote:
'The Jo Moore prize for corporate transparency goes to My Travel.
While the financial experts were digging over the entrails of the Pre-Budget Report, the troubled holiday firm revealed that it would be holding the exraordinary general meeting to approve its debt-for -equity swap on Christmas Eve. By tradition, that is the preferred date for firms seeking to dodge scrutiny.'
Quote:
'The Jo Moore prize for corporate transparency goes to My Travel.
While the financial experts were digging over the entrails of the Pre-Budget Report, the troubled holiday firm revealed that it would be holding the exraordinary general meeting to approve its debt-for -equity swap on Christmas Eve. By tradition, that is the preferred date for firms seeking to dodge scrutiny.'
I am a figment of my own imagination
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The memsahib already spotted that one, her shares being somewhat depressed. My explanation that if one was too busy to attend then the Yuletide news at the meeting was not going to spoil the following day was not met with any enthusiasm.
One lives in hope of better news in the coming year of course.
One lives in hope of better news in the coming year of course.
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anyone tell me on a lighter thread about my upcoming flight with myt from gatwick to barbados.what is the inflight entertainment on the myt a332 and are they fitted with separate seat back screens!