MYT Results
Join Date: Apr 2000
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miss d point
I understand your concern. The name change back to Going Places was cheaper than continuing to change all the stores to MYT! So don't look for hidden meanings where there are none. Also Going Places sell holidays for other operators out of interest not just MYT products!
The holidays are fully bonded and you will get your money back in time to book your holiday again! If you are away you are still fully protected, even if the CAA pull the bond which they won't as long as the banks are behind the company which they are.
Alot of the stories running around are spread by those who want to see MYT fall as they think it will make them safer or just because they like bad news!
MYT would already be gone if the banks or the CAA did not think it was going to continue trading, they knew about the state of the company long before it hit the papers yesterday, it was old news to them. You are safe to book holidays with MYT, fact!
Out of interest if you make your own plans and go with a low cost operator and book your own hotel etc. the only protection you have is your credit card insurance! So you are much safer using a tour company, even one with money problems.
Another point of interest is MYT and First Choice are the only UK owned tour operators, so buy British! The others are German owned!
codpiece face
I agree the falseness makes you want to loose your lunch at times!
I understand your concern. The name change back to Going Places was cheaper than continuing to change all the stores to MYT! So don't look for hidden meanings where there are none. Also Going Places sell holidays for other operators out of interest not just MYT products!
The holidays are fully bonded and you will get your money back in time to book your holiday again! If you are away you are still fully protected, even if the CAA pull the bond which they won't as long as the banks are behind the company which they are.
Alot of the stories running around are spread by those who want to see MYT fall as they think it will make them safer or just because they like bad news!
MYT would already be gone if the banks or the CAA did not think it was going to continue trading, they knew about the state of the company long before it hit the papers yesterday, it was old news to them. You are safe to book holidays with MYT, fact!
Out of interest if you make your own plans and go with a low cost operator and book your own hotel etc. the only protection you have is your credit card insurance! So you are much safer using a tour company, even one with money problems.
Another point of interest is MYT and First Choice are the only UK owned tour operators, so buy British! The others are German owned!
codpiece face
I agree the falseness makes you want to loose your lunch at times!
Terrier
Join Date: Dec 1999
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£910 million. Oh my god.
I can't see a bid coming, because whilst parts of the business may be worth more to sell individually than the whole company is currently on the LSE... the risks are too great for any buyer as are the debts.
Will the CAA lose it's nerve and withdraw it's bond? The competition at First Choice went on record saying that it would be a disaster if MYT failed during next summer. A disaster for the public that is...not themselves. So, perhaps the oppo are talking the CAA into action already?
Additional small scale problems that MYT may face that could exacerbate the issue is if lots of experienced managers, pilots, crew and other staff start to walk in large numbers.
That would just add more costs to an ailing situation. Let's hope not though.
Whilst, I have had differences with SPY, KINSMAN and FLEX42 (I know you don't work for them) on this subject in the past I hope that you all are kept employed...either in a new mean, lean MYT or elsewhere.
But, the time is here now for BIG action and not sticking heads in the sand. The press are NOT responsible for MYT's woes. Crossland and Byrne are. The pain should have been taken in 2001 like it was everywhere else virtually.
Good luck guys.
MAYDAY. MAYDAY. MAYDAY. Kestrel 123 etc.
Edited for a spelling whoopsie.
codpiece face,
i don't think the loco's will impact as much as you think.
A lot of MYT's business is longer sectors than the loco's will get involved in.
I can't see a bid coming, because whilst parts of the business may be worth more to sell individually than the whole company is currently on the LSE... the risks are too great for any buyer as are the debts.
Will the CAA lose it's nerve and withdraw it's bond? The competition at First Choice went on record saying that it would be a disaster if MYT failed during next summer. A disaster for the public that is...not themselves. So, perhaps the oppo are talking the CAA into action already?
Additional small scale problems that MYT may face that could exacerbate the issue is if lots of experienced managers, pilots, crew and other staff start to walk in large numbers.
That would just add more costs to an ailing situation. Let's hope not though.
Whilst, I have had differences with SPY, KINSMAN and FLEX42 (I know you don't work for them) on this subject in the past I hope that you all are kept employed...either in a new mean, lean MYT or elsewhere.
But, the time is here now for BIG action and not sticking heads in the sand. The press are NOT responsible for MYT's woes. Crossland and Byrne are. The pain should have been taken in 2001 like it was everywhere else virtually.
Good luck guys.
MAYDAY. MAYDAY. MAYDAY. Kestrel 123 etc.
Edited for a spelling whoopsie.
codpiece face,
i don't think the loco's will impact as much as you think.
A lot of MYT's business is longer sectors than the loco's will get involved in.
There are two reasons for the shares of a firm in this situation to rise - 1) short covering and 2) a perception that it can't get any worse. But as someone once said - Going to the Hippodrome is like staring into the abyss and deciding it's not that deep! I can't see them trading their way out of this, especially given the asset writedowns - if there is a solution it'll be a breakup.
Join Date: Aug 1998
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The city seems to have gained some confidence in MYT, judging by the rise in the share price.
I wonder which company "the spotlight" will fall on next?
Maybe tailscrape could enlighten us?
I wonder which company "the spotlight" will fall on next?
Maybe tailscrape could enlighten us?
I am a figment of my own imagination
Join Date: Oct 2000
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Management Directors and some staff have been having meetings, some searching questions after the 'lets all get down to it ' bit. But then again what alternative is there. Once again the staff will get down to it as they have been doing, all hands to the pumps because the alternative is that the ship goes down with all that entails.
Despite the gloomy situation all is not yet lost, the vessel is still afloat, and as history shows, it is not over untill the calorificaly challenged maiden warbles, and she aint done that yet!
Happy Christmas to all MYT staff and may the coming year be a better one
Despite the gloomy situation all is not yet lost, the vessel is still afloat, and as history shows, it is not over untill the calorificaly challenged maiden warbles, and she aint done that yet!
Happy Christmas to all MYT staff and may the coming year be a better one
Join Date: Apr 2000
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The biggest Mytravel asset has always been is its staff! Great bunch of people! What a shame those at the top have not taken more care of them at times.
Modern management culture only seems to see balance sheets; they rarely see the hard working folks who make the money for the company. Just a fact of modern life, it is no different in most companies. It does make me want to spit when I see failed directors walking away with big sums of money for doing a piss poor job! About time the corporate world made these ******s pay for their mistakes like the rest of us. Like that is ever going to happen!
Anway enough of that, Happy Christmas and I hope everyone has a good New Year whoever they work for!
Modern management culture only seems to see balance sheets; they rarely see the hard working folks who make the money for the company. Just a fact of modern life, it is no different in most companies. It does make me want to spit when I see failed directors walking away with big sums of money for doing a piss poor job! About time the corporate world made these ******s pay for their mistakes like the rest of us. Like that is ever going to happen!
Anway enough of that, Happy Christmas and I hope everyone has a good New Year whoever they work for!
Join Date: Jun 2003
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MYT will survive! Saw a report on sky news and they were saying that the banks could not afford to let the company go under and the only option is to trade out of it, they also mentioned that the goverment may get involved because they say MYT cannot be allowed to fail for the same reasons as the banks.
Good luck anyway I'm sure it will work out in the end.
Good luck anyway I'm sure it will work out in the end.
Join Date: Apr 1999
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With reference to the Sky News item Hulk refers to, why can MyTravel not be allowed to fail? Why should the Government stick its meddling snout in? MyTravel operate in a highly competitive environment and faced the same problems as everyone else but have made a right pigs ear. It's got nothing to do with the Government.
Join Date: Feb 2002
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I wouldn't hold out for the government helping....look what they done for Railtrack plc.
As far as the banks are concerned, to keep them afloat, they will only be interested in what assets MYT have and what future potential business they can generate. If they can see a future market they will probably issue a debt for equity swap and more or less take over the company diluting current shareholder value.
MYT only have a market value of approx £50m, against a colossal loss of £900m, and that after the busy summer period!
If they see no future, then losing the money owed is a small price to pay. Last year, most of the major banks wrote off millions in third world debt loans, but still they made billions in their own profits.
As far as the banks are concerned, to keep them afloat, they will only be interested in what assets MYT have and what future potential business they can generate. If they can see a future market they will probably issue a debt for equity swap and more or less take over the company diluting current shareholder value.
MYT only have a market value of approx £50m, against a colossal loss of £900m, and that after the busy summer period!
If they see no future, then losing the money owed is a small price to pay. Last year, most of the major banks wrote off millions in third world debt loans, but still they made billions in their own profits.
There certainly seems to have been a sea change in the last day or two, following the profit announcement.
I had My Travel on the blower yesterday, offering me Photoshoots in Barbados, Dom Rep, Goa and Cuba, take yer pick they said!!
This has all to take place in February.
I remember last year at this time; they sent me off to Thailand on a three-week shoot.
Ye'll never get paid the pundits cried, they are going bust!!
A year later, My Travel is still here and still planning for the future!!
Happy Christmas to all at My Travel, booger the doom-mongers.
I had My Travel on the blower yesterday, offering me Photoshoots in Barbados, Dom Rep, Goa and Cuba, take yer pick they said!!
This has all to take place in February.
I remember last year at this time; they sent me off to Thailand on a three-week shoot.
Ye'll never get paid the pundits cried, they are going bust!!
A year later, My Travel is still here and still planning for the future!!
Happy Christmas to all at My Travel, booger the doom-mongers.
Join Date: Aug 1999
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MT's Losses
Those that have a genuine interest and understanding of the headline loss that MT has announced will realise that the true figure is considerably less than £910m. An appreciation of write offs and write downs is needed, as well as an understanding of accounting practices.
In the past the previous Directors had vastly overvalued the assets of the Company and, I suspect, used accounting practices that were right on the edge. For this they paid themselves handsome bonuses.
If MT had made a “genuine” £910m cash loss during their last financial year they would not be here now and I am sure the banks would have pulled the plug a long time ago.
As part of the £1.3 billion financial restructuring agreement with the banks a £250m overdraft facility was arranged and an agreement that the banks would pay the £400m ATOL bond if MT ceased trading. Other lending facilities were also agreed enabling MT to have the use of £1.3 billion. For this financial arrangement and the agreement reached with the bondholders MT will pay a handsome fee.
Quite rightly the banks, the CAA and the Government have followed the fortunes of the Company closely. A number on individuals on Pprune, as well as competitor companies, have suggested that the CAA call in the bond thereby sending MT into administration. It would appear that the CAA is reasonably content that, for the time being, the Company has the backing of the banks as it restructures the business. To my knowledge the CAA has never called in the ATOL bond or revoked the licence of a major company, the banks have always acted first. If the CAA were to act first, without the support of the banks, they may well leave themselves open to legal action from shareholders, for stopping a company from trading. As a reminder, the banks put ILG/Air Europe into administration and not the CAA.
The really big shock came over a year ago, when after a series of profit warnings MT made an operating loss, and the Company nearly went down. Unfortunately, further mistakes were made with the pricing of holidays this year which has only compounded the situation.
It would appear that the banks are satisfied with the plans going forward to return the group to genuine profitability in 2005. The £144m for selling the American businesses has been received and along with income generated from sales of holidays, MT should be in a position to continue trading thereby giving it some breathing space to get its act together.
No one in the Company is in any doubt as to the difficulties that lie ahead and the next few months will be crucial for summer 2004. The tour operator has reduced the number of holidays on sale for next year by over 17% and there should be a much better use of aircraft, thereby reducing the reliance on 3rd party flying. This could well provide some worries for other airlines.
So for those of you who are climbing on the band wagon, for whatever reason, and adding fuel to the fire by suggesting that the rug should have been pulled from under the Company, I would only hope that you never have to endure the ups and downs that the employees in MT/MYT have had too. And if you do, you will certainly appreciate all the genuine support of colleagues in other companies.
In the past the previous Directors had vastly overvalued the assets of the Company and, I suspect, used accounting practices that were right on the edge. For this they paid themselves handsome bonuses.
If MT had made a “genuine” £910m cash loss during their last financial year they would not be here now and I am sure the banks would have pulled the plug a long time ago.
As part of the £1.3 billion financial restructuring agreement with the banks a £250m overdraft facility was arranged and an agreement that the banks would pay the £400m ATOL bond if MT ceased trading. Other lending facilities were also agreed enabling MT to have the use of £1.3 billion. For this financial arrangement and the agreement reached with the bondholders MT will pay a handsome fee.
Quite rightly the banks, the CAA and the Government have followed the fortunes of the Company closely. A number on individuals on Pprune, as well as competitor companies, have suggested that the CAA call in the bond thereby sending MT into administration. It would appear that the CAA is reasonably content that, for the time being, the Company has the backing of the banks as it restructures the business. To my knowledge the CAA has never called in the ATOL bond or revoked the licence of a major company, the banks have always acted first. If the CAA were to act first, without the support of the banks, they may well leave themselves open to legal action from shareholders, for stopping a company from trading. As a reminder, the banks put ILG/Air Europe into administration and not the CAA.
The really big shock came over a year ago, when after a series of profit warnings MT made an operating loss, and the Company nearly went down. Unfortunately, further mistakes were made with the pricing of holidays this year which has only compounded the situation.
It would appear that the banks are satisfied with the plans going forward to return the group to genuine profitability in 2005. The £144m for selling the American businesses has been received and along with income generated from sales of holidays, MT should be in a position to continue trading thereby giving it some breathing space to get its act together.
No one in the Company is in any doubt as to the difficulties that lie ahead and the next few months will be crucial for summer 2004. The tour operator has reduced the number of holidays on sale for next year by over 17% and there should be a much better use of aircraft, thereby reducing the reliance on 3rd party flying. This could well provide some worries for other airlines.
So for those of you who are climbing on the band wagon, for whatever reason, and adding fuel to the fire by suggesting that the rug should have been pulled from under the Company, I would only hope that you never have to endure the ups and downs that the employees in MT/MYT have had too. And if you do, you will certainly appreciate all the genuine support of colleagues in other companies.
Join Date: Feb 2002
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Best wishes to all at MYT. Hope it is a good christmas and a prosperous new year for all.
It is not nice living under a cloud of uncertainty, we have had so much of it dealt to us at KLMuk by KLM, (demise of Buzz/ AirUK etc) i would not wish it on anyone.
It is not nice living under a cloud of uncertainty, we have had so much of it dealt to us at KLMuk by KLM, (demise of Buzz/ AirUK etc) i would not wish it on anyone.
Join Date: Apr 2000
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Maxy101 how do you work that out? Do you have money in all the banks who are lending MYT money? I don’t think so! If the government bails us out then it's our money. I don’t see that happening frankly. The Government cannot afford an Enron scandal and that is what this would be! Having said that I don’t think you need worry they are unlikely to put money into the company.
EPRman what is your problem? do you like the idea of 22000 folks being put out of work! At the end of the day this is one of only two major tour operators that is UK owned so I would think you would be pleased to see a British company getting some support!
EPRman what is your problem? do you like the idea of 22000 folks being put out of work! At the end of the day this is one of only two major tour operators that is UK owned so I would think you would be pleased to see a British company getting some support!
Last edited by kinsman; 14th Dec 2003 at 16:20.