Bondholders get appeal hearing date
 

Bondholders get appeal hearing date
08 Dec 2004
MyTravel’s bondholders’ leave to appeal against the ruling which judged they had ‘no economic interest’ in the company will be heard on Monday 13 December.


If leave to appeal is granted, the appeal itself will also be held on that day.

On Nov24, the judge ruled that the bondholders had no economic interest in MyTravel, effectively allowing the tour operator to proceed with its restructuring plan without the bondholders consent.

Since that judgment, MyTravel has announced that the EGM, when shareholders and creditors will vote on the restructuring, will be moved from Dec20 to Dec24. The tour operator has previously said that unless a restructuring is implemented by the year-end, the CAA is likely to revoke its license.

MyTravel has also announced within the past week that it is appealing against an FSA fine imposed ‘for contravention of the listing rules.’ The alleged incidents took place between July and October 2003.

Cabot. The LGW - BGI has been farmed out to Excel for the winter at least by MYT, so a 767 for your carriage awaits!

G-OMYT is now in full MyTravel colours.

Their Latest Registration
 

It ought to be an airbus.

It ought to be G-ONFI and named in honour of all the past 'executives'.

They've acted out a new slant on Julius Caeser's famous phrase on arrival on Albion's shores.

I came, I plundered, I left

Sound a little bitter? Yep that would be about right - I made the mistake of believing 'them' a few years back and put my money where my mouth was and invested in our future, like so many others who work there.

Have you spent your money yet xxx?

three letter man's name removed - otherwise some smart lawyer might go for more of my money

same old same old

I understand My-Travel lost at the Court of Appeal today.
This was from the bond holders, which means that they can object to the poor offer given to them.
I wonder what will happen now, a revised offer from My-Travel?

Yearly results published 15/12/04

Will the banks accept a revised offer? and how much?

Operating profit of £8 million, versus operating loss of £360 million last year.
Pre tax loss of £190 million versus £910 million last year.

Whilst I don't think it is yet time to be cracking the champers, it is certainly heading in the right direction. It is certainly a long time since the words 'Profit' and 'MyTravel' were used in the same sentance.

Regarding the bond holders, all the judge said basically was they can go back to the original judge to argue their case again. He didn't say anything about their economic claims.

Anyone care to give some updated information regarding the latest with My Travel?..........Will i be flying MYT 330 or 767 Excel on Jan 1st out of Gatwick-Barbados........or will i be going to collect refund at travel agent as they go down the tubes?

Hi,

I can asure you that your holiday is safe! Don't worry and don't cancel it! MyTravel are now probably safer then Thomson or Thomas Cook.

Regards
Thomas_Cook_757-300

CABOT

Hi there,

On the 01 Jan the BGI flts which i believe are cruise flights aswell will be operated by Air Atlanta 747 and Britannia 767. If you have a MYT flt number then you will now be going on the 747, the Britannia flt has been arranged for some time now as we have 2 flts going down to BGI within and hour of each other.

There is a lot of subs comming up at the moment, generally the BGI/MBJ flights, various airlines include AIR LUXOR A330, EURO ATLANTIC L1011, YES AIRLINES L1011, AIR ATLANTA 747 are being used over the next few weeks.

I think all the subs might have something to with the 767's going to the hadj and i believe they may also be sending 1 or 2 A330, hence the number of subs.

I f you need any more info mate, then pls pvt msg me and i will do all possibe to help.... i working the 01Jan too.

Many Thx

TJ747